Due to quirks of timing and judicial assignment, Assured Guaranty Municipal Corp.'s lawsuit against Flagstar Bancorp Inc. turned into one of the most high-profile cases in the sprawling litigation over mortgage-backed securities. Now it's come to a somewhat anticlimactic end.
In a statement issued on Friday, Flagstar announced that it would pay $105 million to Assured to settle claims stemming from a 2011 lawsuit. Bond insurer Assured had accused MBS issuer Flagstar of misrepresenting the value and quality of $900 million in mortgage-backed securities.
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