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This excerpt taken from the C 8-K filed Oct 13, 2009. Ambac Financial Group. On May 9, 2008, four putative class actions
brought by shareholders of Ambac Financial Group, Inc., pending in the
United States District Court for the Southern District of New York, were
consolidated under the caption IN RE AMBAC FINANCIAL GROUP, INC. SECURITIES
LITIGATION. On August 22, 2008, plaintiffs filed a consolidated amended
class action complaint alleging violations of Sections 11 and 12 of the
Securities Act of 1933 arising out of allegedly false and misleading statements
contained in the registration statements and prospectuses issued in connection
with offerings of Ambac securities, some of which were underwritten by CGMI.
Defendants filed a motion to dismiss the complaint on October 21, 2008.
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