Bond insurer Ambac Financial Group Inc. said JPMorgan Chase & Co. will pay $995 million to settle disputes related to residential mortgage-backed securities, Reuters reported yesterday. The settlement comes two weeks after Reuters reported that three of Ambac's top 10 shareholders were calling on Tavakoli to step down, claiming that he was slow to settle $4 billion in insurance claims and lawsuits against JPMorgan, Countrywide Home Loans Inc. and Bank of America Corp. Ambac said that the settlement also provides for the withdrawal of its objection to JPMorgan's $4.5 billion RMBS settlement with RMBS trustees.
