"We have resolved our significant legacy mortgage-related exposures, and we will analyze and address these most recent assertions by Ambac," Bank of America spokesman Lawrence Grayson said on Wednesday.
Bank of America spokesman Lawrence Grayson said the US$1.27 billion award "simply bears no relation to a limited Countrywide program that lasted several months" and ended before the Charlotte, North Carolina-based bank bought the company.
"We believe (the penalty) simply bares no relation to a limited Countrywide program that lasted several months and ended before Bank of America's acquisition of the company," BofA spokesman Larry Grayson said.
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