Ambac (AMBC) Settles RMBS Litigations Against Bank of America
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Ambac Settles RMBS Litigations Against Bank of America
October 7, 2022 7:00 AM EDTNEW YORK--(BUSINESS WIRE)-- Ambac Financial Group (NYSE: AMBC), a financial services holding company whose subsidiaries include Ambac Assurance Corporation (AAC), today announced that AAC entered into an agreement to settle all of its claims1 against Bank of America and related entities for $1.84 billion.
This settlement materially exceeds the amount of subrogation recovery recorded on Ambacs 2Q 2022 financial statements. As a result, Ambac estimates that it will record a gain with respect to the settlement of approximately $390 million, net of reinsurance and discount accretion and call premiums on... More
