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IN RE AMBAC FINANCIAL GROUP, INCORPORATED

11-4643 (Lead), No. 12-59 (Con).

IN RE: AMBAC FINANCIAL GROUP, INCORPORATED. PUBLIC SCHOOL TEACHERS' PENSION & RETIREMENT FUND OF CHICAGO, ARKANSAS TEACHERS RETIREMENT SYSTEM, PUBLIC EMPLOYEES' RETIREMENT SYSTEMS OF MISSISSIPPI, SCOTT REIMER, individually and on behalf of all others similarly situated, STANLEY TOLIN, EDWARD WALTON, PAINTING INDUSTRY INSURANCE AND ANNUITY FUNDS, MARKO BABIC, KEVIN PARKER, individually and on behalf of all others similarly situated, MINNEAPOLIS FIREFIGHTERS' RELIEF ASSOCIATION, on behalf of itself and all others similarly situated, Plaintiffs-Appellees, POLICE AND FIRE RETIREMENT SYSTEM OF THE CITY OF DETROIT, Plaintiff-Appellant, v. AMBAC FINANCIAL GROUP, INC., ROBERT J. GENADER, PHILLIP B. LASSITER, SEAN T. LEONARD, THOMAS J. GANDOLFO, JOHN W. UHLEIN, III, DAVID W. WALLIS, MICHAEL A. CALLEN, JILL M. CONSIDINE, W. GRANT GREGORY, THOMAS C. THEOBALD, LAURA S. UNGER, HENRY WALLACE, PHILIP N. DUFF, BANC OF AMERICA SECURITIES, LLC, CITIGROUP GLOBAL MARKETS INC., GOLDMAN, SACHS & CO., HSBC SECURITIES (USA) INC., J.P. MORGAN SECURITIES INC., MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, UBS SECURITIES LLC, WACHOVIA CAPITAL MARKETS, LLC, Defendants-Appellees, BANC OF AMERICA SECURITIES, LLC, CREDIT SUISSE SECURITIES USA LLC, KEEFE, BRUYETTE & WOODS, INC., KPMG LLP, Defendants, UNITED STATES TRUSTEE, Trustee.

United States Court of Appeals, Second Circuit.

July 12, 2012.

Attorney(s) appearing for the Case

Denis F. Sheils ( Barbara L. Moyer , on the brief), Kohn, Swift & Graf, P.C., Philadelphia, Pa, for Appellant.

Rochelle Feder Hansen ( Steven B. Singer , Niki L. Mendoza , on the brief), Bernstein Litowitz Berger & Grossmann LLP, Frederic S. Fox , Kaplan Fox & Kilsheimer LLP, on the brief, New York, N.Y. (Counsel for Public School Teachers' Pension & Retirement Fund of Chicago, Arkansas Teachers Retirement System and Public Employees' Retirement System of Mississippi),

Peter C. Hein , ( C. Lee Wilson , on the brief), Wachtell, Lipton, Rosen & Katz, New York, N.Y., (Counsel for Ambac Financial Group, Inc. and the individual Defendants-Appellees), Richard Reinthaler , Winston & Strawn LLP, on the brief, New York, N.Y. (Counsel for Ambac Financial Group, Inc.), for Appellees.

Present: DENNIS JACOBS, Chief Judge, DENNY CHIN, SUSAN L. CARNEY, Circuit Judges.

SUMMARY ORDER

UPON DUE CONSIDERATION, IT IS HEREBY ORDERED, ADJUDGED AND DECREED that the judgments of the district court be AFFIRMED.

Police and Fire Retirement System of the City of Detroit ("PFRS") appeals from: (1) the September 28, 2011, judgments of the District Court approving, pursuant to Federal Rule of Civil Procedure 23(e), a settlement between Ambac Financial Group and plaintiffs in consolidated...

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