April 11 (Bloomberg) — Detroit won permission to pay UBS AG and Bank of America Corp. about $85 million to cancel interest-rate swaps, a deal that may help the city speed the end of the biggest-ever U.S. municipal bankruptcy.
U.S. Bankruptcy Judge Steven Rhodes said today he will approve Detroit's third attempt at a settlement with UBS and Bank of America's Merrill Lynch unit. The swaps have cost Detroit taxpayers about $200 million since 2009.
"The settlement is entirely reasonable," Rhodes said at a hearing in federal court in Detroit.
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