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FGIC, BofA settle litigation over mortgage-backed securities

Reuters

(Reuters) - Bond insurer Financial Guarantee Insurance Co said it had reached an agreement with Bank of America Corp (NYS:BAC) to settle litigation related to nine second-lien residential mortgage-backed securitizations FGIC had insured.

FGIC said it received $584 million (347 million pounds) in cash and that all outstanding litigation between the company and Bank of America had now been resolved.

The No.2 U.S. bank, which reported a first-quarter loss on Wednesday due to a $6 billion litigation charge, said that seven of the nine securitizations had already been settled.

Bank of America said it expected to close the two remaining settlements within 45 days, subject to investor approvals.

(Reporting by Aman Shah in Bangalore; Editing by Kirti Pandey)