Bank Of America Settles With MBIA

Dow Jones reported that Bank of America Corp. (NYSE: BAC) will settle a lawsuit filed by MBIA Inc. (NYSE: MBI) by paying the bond insurer $1.6 billion in cash. The news lifted shares of fellow mortgage insurer MGIC Investment Corp. (NYSE: MTG) 31 cents to $5.57. Shares of MBIA leaped $4.52 to $14.35 while Bank of America stock rose 57 cents to $12.81.

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