Judge OKs Deal Cutting FGIC's Claims Against ResCap By As Much As $4.61 Billion

NEW YORK - The federal bankruptcy judge presiding over the Chapter 11 proceeding of Residential Capital LLC (ResCap) on Sept. 13 approved a deal between ResCap and the Federal Guaranty Insurance Co. (FGIC) reducing FGIC's claims to between $934 million and $1.8 billion, depending on whether the reorganization plan is confirmed (In Re: Residential Capital LLC, No. 12-12020, Chapter 11, S.D. N.Y. Bkcy.).

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