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US Bank Can't Press Pause On Trimmed Ambac RMBS Suit

Law360 (June 29, 2018, 10:22 PM EDT) -- A New York federal court has denied U.S. Bank NA's bid to pause a lawsuit by insurer Ambac Assurance Corp. alleging that the bank failed to prevent losses on billions of dollars’ worth of residential mortgage-backed securities, saying Friday that the federal action should be trimmed but is not parallel with two state proceedings.

U.S. District Judge William H. Pauley ruled against U.S. Bank’s contention that Ambac’s suit is duplicative of two sets of legal actions in state courts, finding that neither shares an overlap of both...
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Case Information

Case Title

Ambac Assurance Corporation v. US Bank National Association


Case Number

1:17-cv-02614

Court

New York Southern

Nature of Suit

Contract: Other

Judge

William H. Pauley, III

Date Filed

April 11, 2017

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