Originally posted on January 26, 2016
New York, NY
Bond insurer Ambac Financial Group Inc., on Tuesday, said JPMorgan Chas & Co. has agreed to pay it $995 million to settle all claims against the lender over toxic residential mortgage-backed securities, a deal reached in the middle of a trial over objections to JPMorgan’s$4.5 billion settlement with trust advisors.
During the Bench trail before New York Supreme Court Judge Marcy Friedman in Manhattan, Ambac attorney David Wollmuth of Wollmuth Maher & Deutsh LLP the judge his client was withdrawing its bid to block the settlement with JPMorgan, as the insurer separately announced the resolution of all its claims against the lender – including its objection to the $4.5 billion deal – arising from RMBS that were insured by Ambac.
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