Ambac And The New World Order

Law360, New York (December 19, 2013, 6:36 PM ET) -- The controversial rehabilitation plan for the Segregated Account of Ambac Assurance Corporation was recently upheld on appeal in a decision that reached some interesting conclusions on a wide range of issues affecting various policyholders. The decision by the Court of Appeals of Wisconsin should caution policyholders that they may not have certain basic rights and protections they might expect — including with respect to claims priority — and highlights the great deference given to the insurance commissioner to formulate a plan of rehabilitation.

Ambac, a Wisconsin...
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