Ambac Assurance Corp. v. Adelanto Public Utility Authority

Opinion and Order

JOHN F. KEENAN, District Judge.

This action arises from the early termination of an interest rate swap agreement between Piper Jaffray & Company (“Piper Jaffray”) and defendant Adelanto Public Utility Authority (the “Authority” or “Defendant”). Plaintiff Ambac Assurance Corporation (“Ambac” or “Plaintiff’), a surety to the agreement, brings claims for reimbursement, breach of contract, and specific performance as a result of an early termination payment it made to Piper Jaffray that has not been reimbursed by the Authority. Before the Court is the Authority’s motion to dismiss…