Ambac Assurance Corporation v. US Bank National Association
Case Number:
1:18-cv-05182
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January 21, 2020
US Bank Seeks Win On Ambac's Last Trust Insurer Claim
U.S. Bank NA is looking for a victory on the final claim left in Ambac Assurance Corp.'s lawsuit over the bank's handling of proceeds from a mortgage-backed securities trust allegedly backed by bad Countrywide loans.
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July 17, 2019
US Bank Escapes Most Of Trust Insurer's Settlement Suit
A New York federal judge on Tuesday threw out most of a lawsuit over U.S. Bank National Association's handling of proceedings as trustee for mortgage-backed securities that were allegedly backed by bad Countrywide loans, but said the bank could not escape every claim.
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November 21, 2018
US Bank Wants Out Of Trust Insurer's Settlement Suit
U.S. Bank National Association urged a New York federal court Tuesday to dismiss a suit over a "paltry" settlement the bank reached as trustee of mortgage-backed securities that were allegedly backed by bad Countrywide loans, saying any injury hinges on court approval of the deal.
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July 23, 2018
Ambac's Claims Over $94M MBS Deal Not Ripe, US Bank Says
A mortgage backed securities trustee told a New York federal judge Friday that trust insurer Ambac Assurance Corp. is jumping the gun with its lawsuit alleging that the bank is just trying to protect itself by pushing forward with a "paltry" $94 million settlement of claims brought over allegedly defective Countrywide loans in a particular trust it oversees.
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June 11, 2018
Insurer Says US Bank Struck Lowball Settlement As CYA Move
RMBS trust insurer Ambac sued trustee US Bank in New York federal court on Friday, saying US Bank wrongly settled $374 million worth of claims over bad Countrywide loans for just $94 million, partly to head off a finding that US Bank was a fiduciary, which could "ripple" through to other RMBS litigation against the bank.