BofA Can't Keep Countrywide Docs Out Of Ambac's Hands

Law360, New York (October 16, 2013, 4:43 PM EDT) -- Bank of America Corp. can't use attorney-client privilege to withhold from Ambac Assurance Corp. communications the bank had prior to its 2008 takeover of Countrywide Financial Corp., a New York state judge ruled Wednesday in a $1 billion mortgage-backed securities case.

Judge Eileen Bransten said Bank of America had to turn over about 445 documents containing communications between it and Countrywide in the run-up to their 2008 merger. Ambac wants the documents as part of its case alleging it has lost more than $1 billion from...
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