Benzinga's Political Roundup July 15, 2011

A New York state appeals court gave new life to Ambac Financial Group's $1 billion lawsuit against JPMorgan JPM over an investment that suffered heavy losses from subprime debt. HTC is awaiting results from the patent filing case filed by Apple AAPL against it. Credit Suisse CS is being probed by the U.S. Department of Justice for its' part in helping Americans evade taxes. There is a backup plan to cut the federal deficit and keep the U.S. government from default.