Judge Won't Stay Ambac's $641M Suit Against JPMorgan

Law360, New York (June 7, 2011, 2:31 PM EDT) -- A New York state court judge on Tuesday refused to stay a unit of bankrupt bond insurer Ambac Financial Group Inc.'s lawsuit accusing a JPMorgan Chase & Co. affiliate of duping it into insuring securities backed by toxic mortgage loans.

Judge Charles E. Ramos refused to stay the case in a ruling from the bench, despite J.P. Morgan Securities Inc.'s insistence that an appeal of a related federal suit necessitated a stay of the case, saying he'd be "much more comfortable" if the motion were to...
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