January 26, 2016 / 11:22 AM / 2 years ago

JPMorgan to pay Ambac $995 mln to settle RMBS-related claims

Jan 26 (Reuters) - Insurer Ambac Financial Group Inc said JPMorgan Chase & Co will pay the company $995 million in cash to settle disputes and litigation related to mortgage-related securities.

The agreement settles claims related to residential mortgage-backed securities (RMBS) transactions insured by Ambac.

The settlement will have a positive impact on Ambac’s fourth-quarter operating results and its claims paying resources, Chief Executive Nader Tavakoli said in a statement. (Reporting By Sudarshan Varadhan in Bengaluru; Editing by Saumyadeb Chakrabarty)

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