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Breaking News from CNBC's Kate Kelly: MBIA Settles with Societe Generale for $350 Million

When: Today, Wednesday, May 8th

Where: CNBC's "Street Signs"

Following is the unofficial transcript of breaking news from CNBC's Kate Kelly. Here is link to the embeddable video: http://video.cnbc.com/gallery/?video=3000167055.

All references must be sourced to CNBC.

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KATE KELLY: BRIAN, A COUPLE OF DIFFERENT THINGS. I'M HERE AT THE 18TH ANNUAL SOHN INVESTMENT CONFERENCE AT LINCOLN CENTER AND I'VE JUST GOTTEN SOME BREAKING NEWS ON MBIA, WHICH HAS REACHED A SETTLEMENT WITH SOCIETE GENERALE. YOU MAY RECALL THAT SOCIETE GENERALE WAS PART OF 18 BANKS THAT SUED MBIA OVER A PLANNED BREAKUP OF ITS COMPANIES SEVERAL YEARS AGO. THAT WENT TO COURT. ULTIMATELY, THE COURT FOUND IN FAVOR OF MBIA, BUT NOW THOSE TWO PARTIES HAVE SETTLED TO THE TUNE OF $350 MILLION THAT MBIA WILL PAY TO SOCGEN. THAT WAS JUST BROKERED AND BLESSED JUST THIS VERY DAY BY THE DEPARTMENT OF FINANCIAL SERVICES OF NEW YORK. AND I'M TOLD THAT IT SHOULD BRING AN END TO A LONG-RUNNING SAGA THAT HAS HOBBLED THE PROGRESS OF MBIA. MAY ACTUALLY HELP IT ACHIEVE A HIGHER CREDIT RATING FOR ITS MUNICIPAL BOND INSURANCE ASPECT. THAT'S SOME BREAKING GOOD NEWS ON THAT FRONT.


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