A federal judge is allowing to proceed a major subprime securities class suit against the Ambac Financial Group Inc.
Judge Naomi Reice Buchwald dismissed claims related to a March 2008 offering by Ambac, finding, in essence, that the company was already known to be in big trouble by then. But she ruled in In re Ambac Securities Litigation, 08-civ-411, that the plaintiffs, represented by lead counsel from Kaplan, Fox & Kilsheimer and Bernstein, Litowitz, Berger & Grossmann could proceed with claims against Ambac, certain directors and officers, and Ambac’s underwriters and outside auditor based on the defendants’ alleged misrepresentations of the company’s underwriting practices, as well as allegedly misleading statements in a February 2007 offering.
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