New Orleans Demands $10 Million|In Dispute Over Bond Issue

NEW ORLEANS (CN) - The City of New Orleans demands $10 million from AMBAC Assurance Corp., PaineWebber Capital Services and UBS Securities. "Out of greed, the defendants unwisely expanded their credit enhancement business for structured finance products involving subprime consumer finance paper," the city says, and now it must pay increased debt service and other costs for its $171 million bond issue in 2000.

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