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Ambac Assurance Corporation v. US Bank National Association
Case Number:
1:17-cv-02614
Court:
Nature of Suit:
Judge:
Firms
Companies
Sectors & Industries:
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September 22, 2023
Judge Delivers Clarity In Ambac RMBS Suit Against US Bank
A New York federal judge is allowing Ambac to press forward with litigation over losses incurred when several residential mortgage-backed securities trusts faltered during the financial crisis, in a ruling this week that weighed a key element of the contract dispute over who should bear the financial burden of some $340 million in damages.
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November 09, 2022
Ambac Says US Bank On The Hook In RMBS Suit
Ambac Assurance Corp. told a New York federal court that Countrywide Home Loans Inc. triggered a default that should have prompted heightened scrutiny by U.S. Bank NA, amid claims the bank failed to protect certain residential mortgage-backed securities trusts from millions in losses.
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October 07, 2019
Supreme Court Won't Hear Trust Insurer's Jurisdiction Row
The U.S. Supreme Court declined Monday to hear insurer Ambac Assurance Corp.'s challenge to a Minnesota state appeals court decision that claims jurisdiction over a U.S. Bank NA trust's assets, which Ambac says are located outside of Minnesota.
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June 29, 2018
US Bank Can't Press Pause On Trimmed Ambac RMBS Suit
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.
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September 19, 2017
US Bank Wants Ambac RMBS Suit To Yield To State Actions
U.S. Bank NA has asked a New York federal court to stay or dismiss a lawsuit by insurer Ambac Assurance Corp. that claims U.S. Bank failed to prevent losses on billions of dollars’ worth of residential mortgage-backed securities, saying there’s no reason for the court to weigh in on a dispute that has been working its way through state courts for several years.
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April 12, 2017
Insurer Sues US Bank For Not Suing Other RMBS Cos.
Bond insurer Ambac turned its legal guns on U.S. Bank NA on Tuesday, saying in a federal lawsuit that the bank had a duty to sue Countrywide Financial Corp. and Bank of America Corp. for their role in the residential mortgage-backed securities racket that it failed to fulfill.