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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.
NEW YORK (Reuters)—Morgan Stanley agreed to give up insurance claims against MBIA Inc. in exchange for a $1.1 billion payment from the ailing insurer, ending a two-year legal fight over guarantees on mortgage bonds.