Ambac Assurance Corp. took another step toward potential victory in its $340 million lawsuit against US Bank National Association over its contractual and fiduciary duties toward five trusts during the 2008 global financial crisis.
US Bank served as trustee for each of the at-issue trusts since they closed in 2005. Each trust contained thousands of residential mortgage-backed securities, backed by home loans originating from Countrywide Home Loans Inc. Ambac, a monoline insurer, issued financial guaranty insurance on the residential mortgage-backed securities that comprised the trusts. Once borrowers on the underlying home loans failed to make payments, Ambac faced insurance claims ...
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