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MGIC Investment near settlement of 'major issues' in IRS litigation

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MGIC Investment near settlement of 'major issues' in IRS litigation

MGIC Investment Corp. has reached a basis for settling the "major issues" in its legal dispute with the Internal Revenue Service, according to a quarterly regulatory filing.

The parties informed the tax court of the development in June.

In February, MGIC said it planned to set aside an additional $25 million to meet obligations that could arise from the case, which revolved around MGIC's tax treatment of its investment in a portfolio of the residual interests of a group of real estate mortgage investment conduits.

The U.S. Tax Court consolidated the case with similar ones involving Radian Group Inc. in February 2016.