US Bank Seeks Win On Ambac's Last Trust Insurer Claim

Law360 (January 21, 2020, 4:22 PM EST) -- U.S. Bank NA is looking for a victory on the final claim left in Ambac Assurance Corp.'s lawsuit over the bank's handling of proceeds from a mortgage-backed securities trust allegedly backed by bad Countrywide loans.

The bank, as trustee for the Harborview Mortgage Loan Trust, asked a New York federal judge Friday for summary judgment on the claim that U.S. Bank incorrectly accounted for certain funds received from defaulted mortgage loans — the only claim out of five to survive a dismissal round in July.

Ambac, as the insurer for certain Harborview investors, alleges it has assumed the legal rights of...

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