Ambac Assurance Agrees to Settle with Lehman, Initiates Litigation Against Bank of America
October 15, 2010
Ambac Assurance Corp, the capital-starved bond insurer, has decided to drop 60 claims totaling more than $6.1 billion against bankrupt Lehman Brothers Holdings Inc, in which it accused Lehman of a breach of obligations over MBS Ambac insured. In return, Lehman agreed to abandon...