Ambac Wins OK For $33M Payout In Securities Actions

Law360, New York (July 19, 2011, 5:48 PM EDT) -- Ambac Financial Group Inc. on Tuesday won approval from a New York bankruptcy judge to settle for $33 million two securities class actions and derivative suits accusing the bond insurer of lying about the perils of backing risky structured finance products.

U.S. Bankruptcy Judge Shelley C. Chapman signed off on the deal after a brief hearing in Manhattan, allowing the debtor to free itself from the claims. A total of $33 million would go to the plaintiffs under the deal, with $24.6 million coming from Ambac's...
To view the full article, register now.

Related

Sections

Case Information

Case Title

Ambac Financial Group, Inc.


Case Number

1:10-bk-15973

Court

New York Southern

Nature of Suit

Date Filed

November 8, 2010

Law Firms

Companies

Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.