Ambac Financial Corp. has agreed to a deal with creditors that will bar Charles Lemonides, who the bond insurer accused of "offensive" conduct, from serving on the company's board after it exits bankruptcy, Reuters reported on Friday. Lemonides is the chief investment officer for asset manager ValueWorks LLC and served as a member of Ambac's creditors' committee, which nominated him to serve as a director of a reorganized Ambac. The settlement is confidential. The parties said in a court filing the Bankruptcy Code gives Bankruptcy Judge Shelley Chapman the power to protect someone from the disclosure of scandalous or defamatory information.
