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Insurer Says US Bank Struck Lowball Settlement As CYA Move

Law360 (June 11, 2018, 10:54 PM EDT) -- RMBS trust insurer Ambac sued trustee US Bank in New York federal court on Friday, saying US Bank wrongly settled $374 million worth of claims over bad Countrywide loans for just $94 million, partly to head off a finding that US Bank was a fiduciary, which could "ripple" through to other RMBS litigation against the bank.

Ambac Assurance Corp. says that US Bank initially sued Countrywide in New York state court over the "staggering" losses in the 4,500 loans of the Harborview Mortgage Loan Trust 2005-10. But US...
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Case Information

Case Title

Ambac Assurance Corporation v. US Bank National Association

Case Number



New York Southern

Nature of Suit

190(Contract: Other)

Date Filed

June 8, 2018

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