
MBIA agreed to pay $15 million in penalties and disgorge $10 million to investors to settle allegations of securities and accounting fraud stemming from an allegedly fraudulent $170 million transaction which MBIA engineered in 1998 to conceal the first major loss in its corporate history. For more info visit https://web.archive.org/web/20101111164024/http://www.ag.ny.gov/media_center/2007/jan/jan29a_07.html