Judge Narrows Ambac's $46M Credit Suisse MBS Suit

Law360, New York (April 8, 2011, 6:38 PM EDT) -- A New York state judge on Wednesday trimmed a claim and cut demands for damages in Ambac Assurance Corp.’s suit to recover $46 million in insurance payments it made related to a mortgage-backed securities offering sponsored by Credit Suisse AG units.

Justice Shirley Werner Kornreich of the Supreme Court of the State of New York, New York County, threw out Ambac’s claim that Credit Suisse Securities (USA) LLC and DLJ Mortgage Capital Inc. fraudulently induced Ambac to issue a financial guaranty insurance policy covering payment on...
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