Violation Tracker Individual Record

Company: 
Ambac Financial Group et al.
Current Parent Company: 
Ambac Financial
Penalty: 
$101,900,000
Year: 
2013
Date: 
April 9, 2013
Offense Group: 
financial offenses
Primary Offense: 
toxic securities abuses
Violation Description: 

Bankruptcy court settlement of a dispute arising out of the tax accounting methods used by AMBAC to account for the credit default swap contract losses it purportedly sustained in the wake of the 2008 financial crisis.

Level of Government: 
federal
Action Type: 
agency action
Agency: 
U.S. Attorney-Southern District of New York
Civil or Criminal Case: 
civil
HQ Country of Parent: 
USA
HQ State of Parent: 
New York
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
financial services
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.