A court-appointed judicial hearing officer who previously had said e-mails sent between New York Insurance Department officials showed bias regarding the restructuring of bond insurer MBIA Insurance Corp. last week reversed his decision.

The e-mails were expected to be entered as evidence in a lawsuit that was filed in June 2009 by a group of banks holding MBIA policies. The suit claims that the NYID-approved restructuring of MBIA Insurance that split the troubled bond insurer into two entities was fraudulent.

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