Ambac Assurance Rehabilitation Plan Approved

Law360, New York (January 25, 2011, 5:29 PM EST) -- A Wisconsin judge has approved the state's rehabilitation plan for Ambac Financial Group Inc.'s insurance business, overruling the objections of several hedge funds seeking to recover what they claimed were billions of dollars in policies issued by the company.

Judge William D. Johnston ruled Friday in the Wisconsin Circuit Court for Dane County that the Wisconsin Office of the Commissioner of Insurance's rehabilitation plan for Ambac Assurance Corp. was “a more favorable outcome for policyholders than the full rehabilitation or liquidation of Ambac.”

The OCI took...
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