April 11, 2014 / 2:34 PM / 4 years ago

U.S. judge rules $85 mln Detroit swaps settlement is "reasonable"

DETROIT, April 11 (Reuters) - A U.S. Bankruptcy Court judge on Friday said the court should approve Detroit’s settlement with two investment banks over soured swaps used to hedge interest rate risk on the city’s pension debt.

Judge Steven Rhodes said the $85 million Detroit would pay UBS AG and Bank of America unit Merrill Lynch Capital Services is “reasonable.” (Reporting by Cherie Curry Additional reporting by Karen Pierog in Chicago; Editing by Barbara Goldberg and James Dalgleish)

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