JPMorgan Chase & Co. (NYSE:JPM) has been named as a defendant in a suit filed by Ambac. The suit is actually aimed at practices at Bear Stearns. JPMorgan bought Bear Stearns in 2008 and so is now seen as liable for the practices of the company previously. The lawsuit was files in the New York State Supreme Court. The Ambac Financial Group is rebounding from a bankruptcy which it left just last month. This suit could be a boon to the company’s coffers if resolved in their favor in a timely fashion. It is reported that the loss from the securities…
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