Law360, New York (June 08, 2012, 9:37 PM ET) -- The Police and Fire Retirement System of the City of Detroit on Thursday fired back at bankrupt Ambac Financial Group Inc., countering the bond insurer’s argument that the pension fund can’t appeal a $33 million settlement because it has no financial stake in the outcome.
PFRS said a reply brief filed in the Second Circuit that it certainly has a financial interest in the settlement and argued that Ambac abandoned derivative claims the fund brought 3½ years before Ambac filed for bankruptcy in November 2010....
Ambac Investor Asserts Right To Challenge $33M Settlement
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