Pension Funds Told To Butt Out Of Ambac Suit

Law360, New York (May 14, 2009, 12:00 AM EDT) -- The judge overseeing a derivative lawsuit brought by shareholders of Ambac Financial Group Inc. has denied a bid by two public pension funds to intervene as co-lead plaintiffs in the case, despite their 36,000-share stake in the bond insurer.

Judge Sidney Stein of the U.S. District Court for the Southern District of New York ruled Tuesday that the three plaintiffs who filed the original actions in the consolidated suit were capable of leading the case and needed no help from the municipal funds.

The funds —...
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