Ambac's Breach Suit Against Utility Agency Survives

Law360, New York (March 16, 2010, 1:09 PM EDT) -- A federal judge has declined to dismiss a contract suit brought by Ambac Assurance Corp. against a small California city's public utility authority, sustaining the bond insurer's attempt to recoup $4.5 million it was forced to pay Piper Jaffray Financial Products Inc. under the terms of a terminated swap agreement.

Judge John F. Keenan's ruling, issued Monday in the U.S. District Court for the Southern District of New York, rejected defendant Adelanto Public Utility Authority's bid for a dismissal under a law designed to protect state...
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