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Tuesday, January 03, 2023 9:36:27 AM
NEW YORK--(BUSINESS WIRE)--Ambac Financial Group (NYSE: AMBC), a financial services holding company whose subsidiaries include Ambac Assurance Corporation (“AAC”), today announced that on December 29, 2022, AAC entered into a Settlement Agreement and Release (the “Settlement Agreement”) with Nomura Credit & Capital, Inc. (“Nomura”) to settle its RMBS litigation (1) against Nomura. As a result, Nomura has agreed to pay AAC $140 million.
This settlement materially exceeds the amount of subrogation recovery recorded on Ambac’s 3Q 2022 consolidated GAAP financial statements attributable to the Nomura (1) litigation. Accordingly, Ambac estimates that it will record a gain with respect to the settlement of approximately $43 million. This gain will be recognized in Ambac’s fourth quarter financial results.
Funds are expected to be received within 10 business days from the execution date of the Settlement Agreement. AAC will use all proceeds, plus cash on hand, to repay the entire outstanding balance of Tier 2 Notes.
Claude LeBlanc, Ambac President and Chief Executive Officer, stated, “Ambac is very pleased to have reached this settlement with Nomura, which, in addition to the previously announced Bank of America settlement, successfully brings closure to all of Ambac’s legacy RMBS representation and warranty litigation.”
(1) Includes the following pending litigation: Ambac Assurance Corporation and The Segregated Account of Ambac Assurance Corporation v. Nomura Credit & Capital, Inc. and Nomura Holding America Inc. (Supreme Court of the State of New York, County of New York, Case No. 651359/2013, filed on April 15, 2013).
About Ambac
Ambac Financial Group, Inc. (“Ambac” or “AFG”) is a financial services holding company headquartered in New York City. Ambac’s core business is a growing specialty P&C distribution and underwriting platform. Ambac also has a legacy financial guaranty business in runoff. Ambac’s common stock trades on the New York Stock Exchange under the symbol “AMBC”. Ambac is committed to providing timely and accurate information to the investing public, consistent with our legal and regulatory obligations. For additional information please go to www.ambac.com.
The Amended and Restated Certificate of Incorporation of Ambac contains substantial restrictions on the ability to transfer Ambac’s common stock. Subject to limited exceptions, any attempted transfer of common stock shall be prohibited and void to the extent that, as a result of such transfer (or any series of transfers of which such transfer is a part), any person or group of persons shall become a holder of 5% or more of Ambac’s common stock or a holder of 5% or more of Ambac’s common stock increases its ownership interest.
https://www.businesswire.com/news/home/20230103005141/en/Ambac-Settles-RMBS-Litigation-Against-Nomura
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