July 25, 2018 / 8:30 PM / in 10 months

Ambac seeks documents in homeowners' lawsuit against Countrywide

Bond insurer Ambac Assurance has asked a federal court in Los Angeles to unseal documents in a class action against Bank of America and its Countrywide unit, saying the materials could shed light on practices that triggered the financial crisis.

In a motion on Tuesday, New York-based Ambac said the documents “may be unsavory or embarrassing” for the bank, but there is no compelling reason to shield them from view. Ambac is not a party to the lawsuit but asked for permission to intervene to have the records unsealed.

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