MBIA settles with UBS over restructuring: Sources

The settlement calls for credit default swaps to be commuted in exchange for a cash payment, the people said. The people declined to be identified because the settlement has not been confirmed publicly.

UBS had earlier revealed in a regulatory filing that it had agreed to a settlement in principle with a monoline insurer, and described some of its terms. That filing did not identify MBIA by name.

MBIA and UBS had no immediate comment.