Bank of America agreed to pay bond insurer Ambac Financial Group $1.84 billion, the bank said in a filing Friday, bringing to a close the last of the lender's major lawsuits stemming from the 2008 mortgage crash.
$1.84 billion, the bank said in a filing Friday, bringing to a close the last of the lender's major lawsuits stemming from the 2008 mortgage crash.
"Ambac is very pleased to have reached this settlement with Bank of America," Claude LeBlanc, Ambac's chief executive officer, said in a statement. It had sought almost $3 billion in damages.Ambac shares jumped almost 24% before the market open. It will record a gain of about $390 million from the settlement in its third and fourth quarter results.
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