The New York Supreme Court late Thursday denied Bank of America Corp. and Countrywide Financial Corp.’s motion to dismiss MBIA Insurance Corp.’s claims of fraud by Countrywide.

MBIA Insurance is a guarantor of structured finance products. Its domestic public finance portfolio was ceded to a new entity — National Public Finance Guarantee Corp. — in a company restructuring in February 2009, which spurred a series of lawsuits challenging the transfer of capital away from MBIA and into the new bond insurer.

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