Ambac (AMBC) Settles RMBS Litigation Against Nomura
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Ambac Settles RMBS Litigation Against Nomura
January 3, 2023 8:30 AM ESTNEW YORK--(BUSINESS WIRE)-- Ambac Financial Group (NYSE: AMBC), a financial services holding company whose subsidiaries include Ambac Assurance Corporation (AAC), today announced that on December 29, 2022, AAC entered into a Settlement Agreement and Release (the Settlement Agreement) with Nomura Credit & Capital, Inc. (Nomura) to settle its RMBS litigation1 against Nomura. As a result, Nomura has agreed to pay AAC $140 million.
This settlement materially exceeds the amount of subrogation recovery recorded on Ambacs 3Q 2022 consolidated GAAP financial statements attributable to the Nomura litigation. Accordingly, Ambac estimates that it will record a gain with respect to the... More
