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MBIA Surges After Report Insurer Settled with Bank of America

MBIA Surges After Report Insurer Settled with Bank of America
An MBIA Inc. sign stands outside the MBIA headquarters in Armonk, New York. Photographer: Craig Ruttle/Bloomberg

May 6 (Bloomberg) -- MBIA Inc. surged as much as 57 percent after Dow Jones Newswires reported Bank of America Corp. will pay $1.6 billion of cash as part of a settlement with the bond insurer of mortgage-bond litigation.

MBIA was up 43 percent to $14.10 at 12:25 p.m. in New York after earlier climbing to as high as $15.45. The intraday jump is the most ever.

The settlement includes a $500 million line of credit, Dow Jones reported today, citing people familiar with the matter.

Link to Company News:{MBI US <Equity> CN <GO>}

To contact the reporter on this story: Mary Childs in New York at mchilds5@bloomberg.net

To contact the editor responsible for this story: Shannon D. Harrington at sharrington6@bloomberg.net

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