Shares of financial insurer MBIA Inc. (NYSE:MBI) are jumping higher on news that two gigantic banks are dropping major lawsuits against the company. Barclays and JP Morgan (NYSE:JPM) have taken a pass on suing MBIA for splitting the company into two.
MBIA Inc. can now split their company with no hassles and create the division capable of writing new insurance on debt.
Shares are currently trading at $11.74 per share:
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