Ambac Defeats Summary Judgment Motion and Obtains Trial Date in Fraud Case Against Countrywide and Bank of America

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Aug 31, 2022

Ambac Financial Group (NYSE: AMBC), a financial services holding company whose subsidiaries include Ambac Assurance Corporation (“Ambac”), announced that on August 29, 2022, the Supreme Court of the State of New York issued a decision denying Countrywide’s motion for summary judgment in the case entitled Ambac Assurance Corporation and the Segregated Account of Ambac Assurance Corporation v. Countrywide Home Loans, Inc., Countrywide Securities Corp., Countrywide Financial Corp., and Bank of America Corp. (Supreme Court of the State of New York, County of New York, Case No. 653979/2014, filed on December 30, 2014).