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MBIA, Bank of America Reach Legal Settlement: Sources

Bond insurer MBIA Inc and Bank of America Corp have reached a settlement in an ongoing legal dispute, and BofA will pay MBIA $1.6 billion, sources familiar with the matter said on Monday.

By Karen Freifeld, Reuters | Updated on May 06, 2013

(Reuters) – Bond insurer MBIA Inc and Bank of America Corp have reached a settlement in an ongoing legal dispute, and BofA will pay MBIA $1.6 billion, sources familiar with the matter said on Monday.

Bank of America will also provide MBIA with a $500 million credit line and receive a 4.9 percent stake in the company as part of the deal, said one of the sources.

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