Ambac Assurance Corporation v. The Bank of New York Mellon

UNITED STATES DISTRICT COURT FOR THE DISTRICT OF PUERTO RICO -------------------------------------------------------x AMBAC ASSURANCE CORPORATION, Plaintiff, -v- No. 3:24-CV-01443-LTS THE BANK OF NEW YORK MELLON, Defendant. -------------------------------------------------------x MEMORANDUM OPINION AND ORDER Plaintiff Ambac Assurance Corporation (“Ambac”) brings this action, seeking to recover damages against Defendant Bank of New York Mellon (“BNYM”) for BNYM’s alleged “grossly negligent breach” of its contractual and common-law duties as trustee for certain bonds, insured by Ambac, that…