If approved, settlement will get bankrupt city out of $288 million in swaps contracts originally bought to protect pension plan against rising interest rates.
By Karen Gullo, Bloomberg|March 04, 2014 at 08:36 AM
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Detroit agreed to pay $77.6 million to UBS AG and Bank of America Corp.’s Merrill Lynch unit to end interest-rate swaps that have cost taxpayers more than $200 million since 2009, according to a court filing in the city’s bankruptcy.