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Swiss bank UBS AG (UBSN.VX, UBS) has struck a legal settlement with MBIA Inc. (MBI) over the bond insurer's 2009 business restructuring, Reuters reported Thursday on its website, citing people familiar with the matter.

Under terms of the agreement, credit default swaps are to be commuted in exchange for a cash payment, sources said. No additional details were reported.

MBIA split into two companies in 2009.

MBIA and UBS had no immediate comment to Reuters.

Full story at: www.reuters.com/article/2012/03/15/mbia-ubs-idUSWEN371320120315

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