Bond insurer Ambac Assurance Corp. remains at risk after the Internal Revenue Service filed an amended complaint last week to retrieve more than $700 million of tax refunds.

Ambac’s rehabilitation plan, which would unfreeze $60 billion worth of toxic assets held in a walled-off account, was approved by local courts on Jan. 25. The plan could be severely impaired if the IRS wins, on appeal, the right to seize Ambac’s assets.

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