NU Online News Service, April 3, 1:32 p.m. EDT
Bond-insurer Ambac has filed a second suit against JP Morgan Chase Bank claiming the bank's mortgage unit perpetrated a fraud by failing to follow proper underwriting guidelines and presenting poor-quality risks to the carrier.
On Friday, Ambac filed suit in the Supreme Court of the State of New York in Manhattan alleging that inquiry and investigation "revealed Bear Stearns' remarkable misconduct" on the part of the investment banking house.
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