MBIA Inc. (MBI) announced Monday that it and its subsidiaries MBIA Insurance Corp. and National Public Finance Guarantee Corp. agreed to the terms of a comprehensive settlement agreement with Bank of America (BAC) and certain of its subsidiaries. MBIA Corp. will receive a net payment of about $1.7 billion.
MBIA spiked sharply to the upside around midday Monday and finished with a gain of 4.46 at $14.29 on the highest volume of the year. The stock surged past resistance and set a new high for the year.
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