NEW YORK CITY-Residential mortgage bond insurer Ambac Financial Group said late Monday it had filed for Chapter 11 protection after being unable to raise additional capital. In its filing at US Bankruptcy Court in Manhattan, the locally based Ambac listed assets of $394.5 million and liabilities of $1.68 billion as of June 30, with Bank of New York Mellon as its largest creditor and the Vanguard Group as its largest shareholder.

In a related filing, Ambac on Tuesday brought an adversary lawsuit against the Internal Revenue Service to shield a $700-million tax refund. A spokeswoman for the IRS says the agency does not comment on lawsuits.

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