Ambac Can't Compel Discovery In $641M JPMorgan MBS Suit

Law360, New York (April 2, 2013, 6:06 PM EDT) -- Ambac Assurance Corp. can't force due diligence firm Clayton Holdings LLC to fork over more emails and documents in the monoline insurer's $641 million mortgage-backed securities lawsuit against JPMorgan Chase & Co., a New York state judge ruled Tuesday, calling the request "a bridge too far."

Judge Charles E. Ramos swatted down Ambac's attempts to get more information from Clayton, which is a nonparty but was hired by JPMorgan predecessor Bear Stearns Cos. Inc. to vouch for the quality of the loans in Bear Stearns securities...
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