Summary Notice of Pendency of Class Action and Proposed Settlement in the MBIA Inc. Securities Litigation Published by Bernstein Litowitz Berger & Grossmann LLP

NEW YORK, Oct. 19, 2011 /PR Newswire/ -- The following statement is being published by Bernstein Litowitz Berger & Grossmann LLP regarding the MBIA Inc. Securities Litigation.

UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK

IN RE MBIA INC. SECURITIES LITIGATION          File No. 08-CV-264-KMK

SUMMARY NOTICE OF PENDENCY OF CLASS ACTION AND PROPOSED
SETTLEMENT, SETTLEMENT FAIRNESS HEARING, AND MOTION FOR
ATTORNEYS' FEES AND REIMBURSEMENT OF LITIGATION EXPENSES

TO:  All persons and entities who purchased or otherwise acquired the common stock of MBIA Inc. ("MBIA") during the period from July 2, 2007 through and including January 9, 2008 (the "Class Period") and who were damaged thereby.

PLEASE READ THIS NOTICE CAREFULLY, YOUR RIGHTS WILL BE AFFECTED BY A CLASS ACTION LAWSUIT PENDING IN THIS COURT.

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Southern District of New York, (i) that the above-captioned litigation (the "Action") has been certified as a class action on behalf of all persons and entities who purchased MBIA common stock during the period from July 2, 2007 through and including January 9, 2008 and who were damaged thereby (the "Class"), except for certain persons and entities who are excluded from the Class by definition as set forth in the Stipulation and Agreement of Settlement (the "Stipulation"); and (ii) that Lead Plaintiff in the Action has reached a proposed settlement of the Action with Defendants MBIA, Gary C. Dunton and C. Edward Chaplin (the "Defendants") for $68 million in cash, plus interest thereon, that, if approved, will resolve all claims in the Action.

A hearing will be held on December 15, 2011 at 2:00 p.m. before The Honorable Kenneth M. Karas, at The Hon. Charles L. Brieant Jr. Federal Building and United States Courthouse, 300 Quarropas Street, White Plains, New York, 10601, to determine (i) whether the proposed Settlement should be approved as fair, reasonable, and adequate; (ii) whether the Action should be dismissed with prejudice against Defendants, and the releases specified and described in the Stipulation should be granted; (iii) whether the proposed Plan of Allocation should be approved as fair and reasonable; and (iv) whether Lead Counsel's application for attorneys' fees and reimbursement of expenses should be approved.

If you are a member of the Class, your rights will be affected by the pending Action and the Settlement, and you may be entitled to share in the Settlement Fund.  If you have not yet received the full printed Notice of Pendency of Class Action and Proposed Settlement, Settlement Fairness Hearing, and Motion for Attorneys' Fees and Reimbursement of Litigation Expenses (the "Notice"), and the Proof of Claim Form, you may obtain copies of these documents by contacting the Claims Administrator at In re MBIA Inc. Securities Litigation, c/o GCG, Inc., Claims Administrator, P.O. Box 9810, Dublin, Ohio 43017-5710, 1-888-624-6717.  Copies of the Notice and Claim Form can also be downloaded from the website maintained by the Claims Administrator, www.mbiasecuritieslitigationsettlement.com, or from Lead Counsel's website, www.blbglaw.com.  

If you are a Class Member, in order to be eligible to receive a payment under the proposed Settlement, you must submit a Claim Form postmarked no later than February 9, 2012.  If you are a Class Member and do not submit a proper Claim Form, you will not share in the distribution of the net proceeds of the Settlement but you will nevertheless be bound by any judgments or orders entered by the Court in the Action.    

If you are a Class Member and wish to exclude yourself from the Class, you must submit a request for exclusion such that it is received no later than November 25, 2011, in accordance with the instructions set forth in the Notice.  If you properly exclude yourself from the Class, you will not be bound by any judgments or orders entered by the Court in the Action and you will not be eligible to share in the proceeds of the Settlement.  

Any objections to the proposed Settlement, the proposed Plan of Allocation, or Lead Counsel's application for attorneys' fees and reimbursement of expenses, must be filed with the Court and delivered to Lead Counsel and counsel for Defendants such that they are received no later than November 25, 2011, in accordance with the instructions set forth in the Notice.

PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE.  Inquiries, other than requests for the Notice, may be made to Lead Counsel:

Steven B. Singer, Esq.
BERNSTEIN LITOWITZ BERGER & GROSSMANN LLP
1285 Avenue of the Americas
New York, NY 10019
(800) 380-8496
www.blbglaw.com

By Order of the Court

SOURCE Bernstein Litowitz Berger & Grossmann LLP

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