MBIA Inc. (MBI) Shares Jump 40% On Settlement With BofA

Shares in MBIA Inc. (NYSE:MBI) were some of the biggest movers on the market today after the announcement of a settlement between the company and Bank of America Corp (NYSE:BAC) in a case concerning the financial crisis and losses suffered on mortgage loans.

The settlement will see Bank of America Corp (NYSE:BAC) pay MBIA Inc. (NYSE:MBI) $1.6 billion and in return the bank will take a 5 percent share of the insurer. The reports of the settlement comes from Dow Jones. The agency did not name sources but said the information...