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BRIEF-Ambac wins dismissal of shareholder lawsuit over Puerto Rico bond exposure
September 5, 2017 / 2:36 PM / 15 days ago

BRIEF-Ambac wins dismissal of shareholder lawsuit over Puerto Rico bond exposure

Sept 5 (Reuters) - u.s. Judge dismisses lawsuit by ambac shareholders accusing company of concealing losses related to puerto rico bond exposure--ruling LAWSUIT ACCUSED AMBAC AND COMPANY OFFICIALS OF SECURITIES FRAUD FOR CONCEALING CREDIT RISKS, LOSS EXPOSURE TO MORE THAN $10 BLN PUERTO RICAN BONDS THAT THE COMPANY INSURED U.S. DISTRICT JUDGE RICHARD BERMAN IN MANHATTAN SAID SHAREHOLDERS DID NOT PLEAD ANY MISSTATEMENTS OR OMISSIONS BY AMBAC TO JUSTIFY THE LAWSUIT JUDGE SAYS SHAREHOLDERS DID NOT SUFFICIENTLY ALLEGE THAT AMBAC INTENDED TO DEFRAUD THEM OR ACTED RECKLESSLY

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