Ambac Financial Group Mortgage Lawsuit Against Countrywide and Bank of America Cleared to Go to Jury Trial

Posted: August 31, 2022 9:24 a.m. ET

Ambac Financial Group Inc. said Wednesday it was satisfied with the New York State Supreme Court’s decision to allow its 2014 fraud lawsuit against Countrywide and Bank of America Corp. to be tried before a jury. The court denied Countrywide’s motion for summary judgment in the case: Ambac Assurance Corp. against Countrywide Home Loans Inc., Countrywide Securities Corp., Countrywide Financial Corp. and Bank of America Corp. Ambac said the trial was now due to start in January 2024, but the court can postpone the trial to an earlier date. Ambac said it was looking to recover hundreds of…

Ambac Financial Group Inc.

AMBC

said Wednesday he was satisfied with the New York State Supreme Court’s decision to allow his 2014 fraud lawsuit against Countrywide and Bank of America Corp.

BAC

stand trial before a jury. The court denied Countrywide’s motion for summary judgment in the case: Ambac Assurance Corp. against Countrywide Home Loans Inc., Countrywide Securities Corp., Countrywide Financial Corp. and Bank of America Corp. Ambac said the trial was now due to start in January 2024, but the court can postpone the trial to an earlier date. Ambac said it was seeking to recover hundreds of millions in losses and punitive damages for allegations that Countrywide “made false and intentionally misleading statements” to Ambac about its mortgage origination practices. and the “alleged quality of its mortgages”. Ambac said it was continuing to file additional lawsuits against Bank of America in a 2010 lawsuit that was scheduled to go to trial September 7.

SPX

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