BofA Calls AIG's $10.5B MBS Suit 'Cynical,' Implausible

Law360, New York (August 9, 2012, 3:27 PM EDT) -- Bank of America Corp. on Wednesday sought to dismantle American International Group Inc.'s remaining allegations of deception in multidistrict litigation involving $10.5 billion in alleged losses on mortgage-backed securities, saying the company's case rests on a shabby analysis that doesn’t demonstrate wrongdoing.

BofA’s motion for dismissal filed in California federal court says a central problem rests with AIG’s method of analyzing loan performance in the securities it bought. According to the motion, AIG says it “conducted an exhaustive forensic investigation of the loan pools underlying the...
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