BRIEF-Residential capital llc asks US bankruptcy court to approve Ally settlement

Thu May 23, 2013 9:08am EDT

May 23 (Reuters) - Ally Financial Inc: * Residential capital llc asks US bankruptcy court to approve settlement with

Ally Financial Inc * Ally financial inc to increase contribution to residential capital llc estate

to $2.1 billion - court docs * Ally financial inc settlement to be $1.95 billion in cash, $150 million

anticipated from ally's insurers- court docs * Residental capital says settlement signals end to litigation, parties agree

to support chapter 11 plan for rescap - court docs * Residental capital says settlement will determine allocation of proceeds

among debtors and creditors - court docs * Residental capital says settlement will create various trusts to provide

distributions to creditors - court docs * Mbia gets non-subordinated unsecured claim of $719 million versus rescap,

$1.45 billion versus gmacm debtors, $1.45 lbn versus rfc -court docs

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