AIG Can't Move $10B BofA Suit To State Court: Judge

Law360, New York (October 21, 2011, 3:59 PM EDT) -- A New York federal judge on Thursday refused to send American International Group Inc.'s $10 billion suit against Bank of America Corp. over residential mortgage-backed securities back to a state court.

U.S. District Judge Barbara S. Jones said the jurisdiction provisions in the Edge Act — which grant federal jurisdiction to civil cases involving national banks that arise from transactions involving international banking or banking in U.S. territories — were satisfied even though only about four of the 349 securities implicated in the case appear to...
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