Ambac Financial Group Inc (AMBC)

[Kurupt]

Ambac Judge Asked by Wisconsin Insurance Chief to Allow Payments



Wisconsin Insurance Commissioner Theodore Nickel said he’s seeking permission from a state judge to begin making interim payments on more than $3 billion in claims made by clients of Ambac Assurance Corp.

Nickel’s office in 2010 undertook the rehabilitation of a segregated portfolio of Ambac policies insuring as much as $50 billion in mortgage-backed securities and other corporate liabilities.

Dane County Circuit Court Judge William Johnston in Madison last year approved a plan to pay some of those policy holders 25 percent of their claims in cash, with the balance deferred for nine years with interest.