MBIA, Bank of America settle their legal disputes: source


Bank of America Corp and MBIA Inc have settled their legal disputes, and the settlement includes a $1.6 billion cash payment by the bank to the bond insurer, a person familiar with the settlement said on Monday.

The person, speaking on condition of anonymity, said the deal would bring "total peace" to the two companies' various ongoing legal disputes.

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(Reporting by Karen Freifeld; Editing by Maureen Bavdek)