Ambac Keeping Mum On End Of Board Nominee Crony Dispute

Law360, New York (April 25, 2013, 4:59 PM EDT) -- An Ambac Financial Group Inc. board nominee who was accused of trying to score a top position at the company for an unqualified friend will not serve on the board, but the details of the resolution are being kept under wraps.

The bond insurer urged a bankruptcy judge to remove investment strategist Charles Lemonides’ name from consideration as a board of directors nominee in March, saying he pushed for an unqualified friend to become the company’s chief investment officer. But the parties submitted a stipulation to...
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