Assured and Flagstar Settle RMBS Litigation for $105 Million

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On June 21, Flagstar Bancorp, Inc. announced that it reached a settlement in a lawsuit brought by Assured Guaranty Municipal Corp. arising out of nearly $1 billion in Flagstar-sponsored RMBS that Assured insured. The settlement comes in the wake of Assured’s trial victory in February 2013, which Flagstar had appealed. Under the terms of the settlement, Flagstar will pay Assured $105 million and will assume responsibility for the assets in the two relevant securitizations, including any future claims associated with the trusts. Press Release.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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