Opinion ID: 220152
Heading Depth: 4
Heading Rank: 2

Heading: The NYAG Investigation

Text: Our analysis of MBIA's claim for coverage for Securities Loss related to the NYAG's investigation of the Capital Asset and U.S. Airways transactions proceeds similarly. By the time the NYAG's office began looking into these transactions, its AHERF investigation was already underway. The NYAG's subpoena contained the same definition of Non-Traditional Product[s] as the SEC's subpoena, so documents relating to these transactions were included in its scope. As with the SEC's investigation, MBIA requested that the NYAG issue no further subpoenas after the AHERF subpoena, promising that MBIA would comply fully with all demands. The NYAG agreed, like the SEC, to this procedure and continued its investigation with oral requests. Therefore, for the same reasons that Securities Loss related to the SEC's investigation into the Capital Asset and U.S. Airways transactions is covered, such loss related to the NYAG's investigation into these transactions also is covered.