Ambac Sues JPMorgan For $1B Over Subprime Crisis
In filings with the Supreme Court of the State of New York, Ambac Assurance UK Ltd. claims that JPMorgan Investment Management Inc. violated its investment agreement with Ambac. The subsidiary also accuses JPMorgan of breach of fiduciary duty and gross negligence, according to Reuters, which obtained a copy of the filing.
JPMorgan managed $1.65 billion of...
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