Ambac Assurance Corporation v. US Bank National Association

  1. 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.

  2. 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.

  3. 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.

  4. 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.

  5. 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.

  6. 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.