Ambac Gets Trial Date In Fraud Case Against Countrywide And Bank Of America

(RTTNews) - Ambac Financial Group (AMBC) said, on August 29, 2022, the Supreme Court of the State of New York issued a decision denying Countrywide's motion for summary judgment in fraud case against Countrywide and Bank of America. The trial is scheduled to commence in January 2024. Ambac seeks to recover hundreds of millions of dollars in losses, and punitive damages.

Ambac Financial noted that the August 29, 2022, decision will not impact the estimated subrogation recoveries on its balance sheet, which relate only to contract-based litigation claims and not to fraud claims.