|  | | 2012 News and Press Releases | | |
SETTLEMENT NEWS:
Ambac Wins 2nd Circ. Approval For $33M Securities Settlement
Max Stendahl
Law360 - Securities. July 12, 2012
_________________________________________________________________________
EXCERPT: The Second Circuit on Thursday approved Ambac Financial Group Inc.’s $33 million settlement in a class action alleging it backed toxic securities, overruling a plaintiff that claimed the deal improperly released derivative claims against the bankrupt bond insurer. A three-judge panel rejected an appeal by The Police and Fire Retirement System of the City of Detroit and affirmed a New York federal court’s September 28 approval of the settlement. The deal wrapped up a consolidated securities action claiming Ambac recklessly insured risky structured finance transactions tied... |
|
|
