MBIA Inc. (MBI) has reportedly agreed to pay Societe Generale SA (SCGLF.PK, SCGLY.PK) $350 million to settle litigation concerning the restructuring transactions announced by the bond insurer on February 18, 2009.
In a regulatory filing on Wednesday, MBIA said the French lender has agreed to dismiss all pending litigation between the parties.
Bank of America Corp. (BAC) on Monday agreed to pay MBIA $1.7 billion to settle the five-year legal battle over soured home-loan mortgages.
''As a result of this agreement and the Bank of America settlement announced on May 6, 2013, all litigation brought originally by the group of eighteen domestic and international financial institutions, relating to Transformation, has been resolved,'' the SEC filing revealed.
MBI closed up 7.6 percent on Wednesday at $15.48 and rose 2.2 percent in extended trading.
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