Ambac Dodges Shareholder Action Over Puerto Rican Debt Exposure

(CN) – Ambac Financial Group won dismissal of a shareholder class action suit accusing the insurer of concealing the true risk of its exposure to more than $10 billion in Puerto Rican bonds. Ambac is a holding company whose subsidiaries provide financial guarantee products, including insurance on $2.5 billion in Puerto Rican debt, plus $8 billion in additional exposure for interest due on the bonds.

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