WASHINGTON (dpa-AFX) - Ambac Assurance Corp. (ABKFQ.PK) announced that a California court has approved a settlement in its litigation against the City of Hercules and its redevelopment agency. The litigation asserted that the City had improperly diverted revenues pledged to bondholders from the redevelopment agency to the City.
Under the settlement, Ambac received security in two City properties with values estimated to be well in excess of the revenues diverted. Ambac will also be paid interest and legal costs.
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