Bank of America settles Ambac lawsuits for $1.84B; records $354M pre-tax charge in Q3 2022

BANK OF AMERICA CORP /DE/

Settlement resolves all pending Ambac lawsuits with damages claims >$3B related to pre-2008 mortgage bond insurance.
BAC pays $1.84B; Ambac dismisses all litigation with prejudice and releases all claims.
Pre-tax expense of ~$354M ($0.03 per share after tax) in Q3 2022 due to incremental cost beyond previous accruals.
Lawsuits were brought by Ambac against Countrywide and other legacy entities.

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