Ambac Should Cough Up $700M To IRS Now, DOJ Says

Law360, New York (February 9, 2011, 2:45 PM EST) -- The U.S. Department of Justice is challenging a court-ordered injunction barring the Internal Revenue Service from collecting what could amount to more than $700 million in tax liabilities from bankrupt Ambac Financial Group Inc.'s bond insurance unit.

An order handed down Nov. 8 by Judge William D. Johnston of the Wisconsin Circuit Court for Dane County unfairly seeks to restrain the IRS from collecting any potential tax liability owed by Ambac Assurance Corp., according to a complaint the DOJ filed Wednesday in the U.S. District Court...
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