Ambac Judge Asked by Wisconsin Insurance Chief to Allow Payments
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Wisconsin Insurance Commissioner Theodore Nickel said he’s seeking permission from a state judge to begin making interim payments on more than $3 billion in claims made by clients of Ambac Assurance Corp.
Nickel’s office in 2010 undertook the rehabilitation of a segregated portfolio of Ambac policies insuring as much as $50 billion in mortgage-backed securities and other corporate liabilities.