---
schema_version: "secwatch.filing_event.v1"
accession: "0000874501-22-000149"
form_type: "8-K"
ticker: "OSG"
cik: "0000874501"
company_name: "OCTAVE SPECIALTY GROUP INC"
filed_at: "2022-10-13T23:59:59+00:00"
generated_at: "2026-06-23T03:57:43.091727+00:00"
event_type: "litigation"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Ambac Assurance settles with Bank of America for $1.84B, will redeem $1.175B in notes

## Summary
- AAC receives $1.84B from BOA parties to dismiss RMBS lawsuits filed in NY state court.
- AAC will redeem $1.175B Sitka AAC Note at 103% of principal plus accrued interest using settlement proceeds.
- AAC will also redeem $240M of 8.5% Tier 2 Notes due 2055 from net proceeds of approximately $213M.
- Settlement resolves multiple lawsuits against Countrywide, Merrill Lynch, and other BOA affiliates.
- Sitka Holdings will redeem $1.175B senior secured notes due 2026 upon receipt of AAC repayment.

## SEC filing metadata
- accession: 0000874501-22-000149
- form_type: 8-K
- ticker: OSG
- cik: 0000874501
- company_name: OCTAVE SPECIALTY GROUP INC
- filed_at: 2022-10-13T23:59:59+00:00
- event_type: litigation
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 2.04
- EDGAR index: https://www.sec.gov/Archives/edgar/data/874501/000087450122000149/0000874501-22-000149-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/874501/000087450122000149/ambc-20221006.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000874501-22-000149
- JSON: https://secwatch.observer/filing/0000874501-22-000149.json
- Plain text: https://secwatch.observer/filing/0000874501-22-000149.txt

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