---
schema_version: "secwatch.filing_event.v1"
accession: "0000874501-22-000146"
form_type: "8-K"
ticker: "OSG"
cik: "0000874501"
company_name: "OCTAVE SPECIALTY GROUP INC"
filed_at: "2022-10-07T23:59:59+00:00"
generated_at: "2026-06-23T04:50:17.845706+00:00"
event_type: "litigation"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Ambac settles RMBS claims against Bank of America for $1.84 billion; expects gain of ~$390M

## Summary
- AAC settled all RMBS claims against Countrywide/Bank of America entities for $1.84 billion.
- Estimated pre-tax gain of ~$390 million, net of reinsurance, discount accretion, and call premiums.
- Proceeds to repay ~$1.21B in Sitka Notes and ~$213M in Tier 2 Notes.
- Funds expected within 10 days after satisfaction of conditions including litigation dismissal.
- Settlement materially exceeds the $1.38B subrogation recovery recorded as of 2Q 2022.

## SEC filing metadata
- accession: 0000874501-22-000146
- form_type: 8-K
- ticker: OSG
- cik: 0000874501
- company_name: OCTAVE SPECIALTY GROUP INC
- filed_at: 2022-10-07T23:59:59+00:00
- event_type: litigation
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 8.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/874501/000087450122000146/0000874501-22-000146-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/874501/000087450122000146/ambc-20221007.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000874501-22-000146
- JSON: https://secwatch.observer/filing/0000874501-22-000146.json
- Plain text: https://secwatch.observer/filing/0000874501-22-000146.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.