The chances that Ambac Assurance Corp. will be able to keep $700 million of disputed tax refunds increased last week when a federal court in Wisconsin again threw out the Internal Revenue Service’s case against the bond insurer.

The IRS claims that Wisconsin-based Ambac — which had $313 million of cash in the middle of 2010 and whose parent is bankrupt — has obtained a “completely unprecedented” order from state courts that prevents the agency from retrieving federal taxes.

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