Ambac, Bank of America settle RBMS litigation for $1.84bn
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Ambac, Bank of America settle RBMS litigation for $1.84bn

Kyoung-son Song
October 07, 2022
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Ambac Financial Group has entered into an agreement to settle claims against Bank of America (BofA) for $1.84bn, putting an end to a 12-year lawsuit which dates back to the 2008 mortgage crash.

The funds will be used to repay $1.4bn worth of debt Ambac issued in Sitka and Tier 2 notes, leaving $390mn of gains which will be recognized on the insurer’s third and fourth quarter financial results, according to its...

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Kyoung-son Song
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