US Bank Can't Press Pause On Trimmed Ambac RMBS Suit
By Dean Seal (June 29, 2018, 10:22 PM EDT) -- A New York federal court has denied U.S. Bank NA's bid to pause a lawsuit by insurer Ambac Assurance Corp. alleging that the bank failed to prevent losses on billions of dollars' worth of residential mortgage-backed securities, saying Friday that the federal action should be trimmed but is not parallel with two state proceedings.
U.S. District Judge William H. Pauley ruled against U.S. Bank's contention that Ambac's suit is duplicative of two sets of legal actions in state courts, finding that neither shares an overlap of both plaintiffs and defendants in Ambac's federal suit. In one of those actions, Ambac is suing...
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