Ambac, Bank of America settle RBMS litigation for $1.84bn
  • X
  • LinkedIn
  • Show more sharing options
  • Print
  • X
  • LinkedIn
  • Free Trial
  • Log in

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

Kyoung-son Song
October 07, 2022
  • X
  • LinkedIn
  • Show more sharing options
  • Print
  • X
  • LinkedIn
Legal-gavel.png

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...

Request a free trial:

Fuel a smarter strategy with our actionable market intelligence

    • Gain a competitive edge and accelerate decision-making
    • Be empowered by insights that transform confusion to clarity
    • Uncover growth opportunities and prepare for potential threats
Request a free trial Already a subscriber? Log in now

Topics

NewsLegal
headshot template (23).png
Kyoung-son Song
Senior Reporter
Contact
Gift this article