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Bank of America Corp Reaches $1.6 Billion Settlement With MBIA Inc-Reuters


Monday, 6 May 2013 05:21pm EDT 

Reuters reported that Bank of America Corp has agreed to pay $1.6 billion in cash to MBIA Inc and will receive the right to buy a 4.9% stake in the bond insurer to resolve long-running litigation, the companies said. Bank of America will also remit $137 million worth of MBIA senior debt it acquired in December and provide MBIA with a $500 million credit line as part of the deal. The accord will settle all of the two companies' disputes, including liability for MBIA as a counterparty in swap deals with Bank of America. Bank of America will take a charge against previously reported first-quarter earnings and its capital ratios will rise under Basel III as a result of the deal.