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Subsequent Events | 9 Months Ended
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Sep. 30, 2012
Subsequent Events | 15. Subsequent Events Broadbill Partners LP et al. v. Ambac Assurance Corporation (Supreme Court of the State of New York, County of New York, filed November 8, 2012). Plaintiffs, owners of Ambac Assurance preferred stock, commenced litigation against Ambac Assurance asserting claims for breach of contract and unjust enrichment related to Ambac Assurance’s exercise of rights under put option agreements with certain trusts. Plaintiffs allege that as a result of the improper exercise of such rights, Ambac Assurance received approximately $800 million in trust assets in exchange for nearly worthless shares of preferred stock, which was delivered to the holders of beneficial interests in the trusts. Plaintiffs seek damages, the imposition of a constructive trust, rescission and attorney’s fees.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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