Bankrupt Stockton, Calif., has reached a settlement with Ambac Assurance Corp. over $13.3 million of city debt that the company insures, the trustee for the debt said yesterday, Reuters reported. Wells Fargo Bank NA served as trustee for the city's certificates of participation, sold by Stockton in 2003 for redevelopment projects. Details of the settlement were not provided in the filing by Wells Fargo with the Municipal Securities Rulemaking Board. The judge overseeing the bankruptcy case has already given his approval to settle the matter.
