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EX-99.1 - EXHIBIT 99.1 - AMBAC FINANCIAL GROUP INCa04-022ambcpressreleaseamb.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): January 25, 2016
Ambac Financial Group, Inc.
(Exact name of Registrant as specified in its charter)
Delaware
 
1-10777
 
13-3621676
(State of incorporation)
 
(Commission
file number)
 
(I.R.S. employer
identification no.)
One State Street Plaza, New York, New York 10004
(Address of principal executive offices) (Zip Code)
(212) 658-7470
(Registrant's telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
 
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
 
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
 
 
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4c))




Item 8.01. Other Events.
Ambac Financial Group, Inc., today announced that Ambac Assurance Corporation (“AAC”) and the Segregated Account of AAC have settled their RMBS-related disputes and litigation against JP Morgan Chase & Co. and certain of its affiliates (collectively “JP Morgan”). Pursuant to the settlement, JP Morgan will pay AAC $995 million in cash in return for releases of all of AAC’s claims against JPMorgan arising from certain RMBS transactions insured by AAC. AAC has also agreed to withdraw its objections to JPMorgan’s global RMBS settlement with RMBS trustees. Exhibit 99.1 is a copy of the press release and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits
(d) Exhibits.     The following exhibit is filed as part of this Current Report on Form 8-K:
Exhibit
 
 
Number
 
Exhibit Description
99.1
 
Press Release dated January 26, 2016
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
 
 
Ambac Financial Group, Inc.
 
 
 
(Registrant)
 
 
 
 
 
 
Dated:
January 26, 2016
 
By:
 
/s/ William J. White
 
 
 
 
 
First Vice President, Secretary and Assistant General Counsel



Exhibit Index
Exhibit
 
 
Number
 
Exhibit Description
99.1
 
Press Release dated January 26, 2016