JPMorgan to pay Ambac $995 million to settle RMBS-related claims

A sign outside the headquarters of JP Morgan Chase & Co in New York, September 19, 2013. REUTERS/Mike SegarThomson ReutersJP Morgan Chase & Co sign outside headquarters in New York

(Reuters) – Insurer Ambac Financial Group Inc said JPMorgan Chase & Co will pay the company $995 million in cash to settle disputes and litigation related to mortgage-related securities.

The agreement settles claims related to residential mortgage-backed securities (RMBS) transactions insured by Ambac.

The settlement will have a positive impact on Ambac’s fourth-quarter operating results and its claims paying resources, Chief Executive Nader Tavakoli said in a statement.

(Reporting By Sudarshan Varadhan in Bengaluru; Editing by Saumyadeb Chakrabarty)

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