NEW YORK--( BUSINESS WIRE )-- Ambac Financial Group, Inc. ("Ambac") has been informed that the Congressional Joint Committee on Taxation (the "Joint Committee") has completed its review of the offer (the "Offer") made by Ambac, the Official Committee of Unsecured Creditors of Ambac, Ambac Assurance Corporation ("Ambac Assurance"), the Segregated Account of Ambac Assurance Corporation (the "Segregated Account"), the court-appointed Rehabilitator of the Segregated Account and the Wisconsin Office of the Commissioner of Insurance to the United States to resolve and settle (i) the claims filed by the Internal Revenue Service of the Department of Treasury of the United States against Ambac's estate in its Chapter 11 proceeding, (ii) Ambac's related adversary proceeding against the United States, and (iii) other related litigation brought by the United States against or involving Ambac Assurance and/or the Segregated Account (the "IRS Settlement").