We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

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...
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

Ambac Assurance Corporation v. US Bank National Association


Case Number

1:18-cv-05182

Court

New York Southern

Nature of Suit

190(Contract: Other)

Date Filed

June 8, 2018

Law Firms

Companies

Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.