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Ambac rallies after $1.84 bln RMBS settlement with Bank of America

ambac rallies after $184 bln rmbs settlement with bank of america

Ambac Financial Group AMBC, +9.22% shares rallied 25% in premarket trades Friday after it agreed to settle lawsuits against Bank of America Corp. BAC, -1.88% related to residential mortgage backed securities (RMBS) for a payment of $1.84 billion from the bank. Ambac said it would record a $390 million gain in its fourth-quarter results because the settlement exceeds the projected amount in its second-quarter statements. Ambac CEO Claude LeBlanc said the settlement “materially advances our strategic priority to progress Ambac Assurance Corp. (ACC) to a stable runoff and further maximizes optionality for our legacy financial guaranty business.” The settlement is for recovery of subrogation, which is defined as the substitution of one person or group by another in respect of a debt or insurance claim, along with the transfer of any associated rights and duties. Shares of Bank of America rose 0.4% in premarket trades.

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