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.

******************************* 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.

About CNBC:

With CNBC in the U.S., CNBC in Asia Pacific, CNBC in Europe, Middle East and Africa, CNBC World and CNBC HD , CNBC is the recognized world leader in business news and provides real-time financial market coverage and business information to approximately 390 million homes worldwide, including more than 100 million households in the United States and Canada. CNBC also provides daily business updates to 400 million households across China. The network's 16 live hours a day of business programming in North America (weekdays from 4:00 a.m. - 8:00 p.m. ET) is produced at CNBC's global headquarters in Englewood Cliffs, N.J., and includes reports from CNBC News bureaus worldwide.

CNBC also has a vast portfolio of digital products which deliver real-time financial market news and information across a variety of platforms. These include CNBC.com, the online destination for global business; CNBC PRO, the premium, integrated desktop/mobile service that provides real-time global market data and live access to CNBC global programming; and a suite of CNBC Mobile products including the CNBC Real-Time iPhone and iPad Apps.

Members of the media can receive more information about CNBC and its programming on the NBC Universal Media Village Web site athttp://www.nbcumv.com/mediavillage/networks/cnbc/