BofA Can't Shake AIG's $10.5B Countrywide RMBS Suit

Law360, New York (May 07, 2013, 5:00 PM ET) -- A California federal judge on Monday said American International Group Inc. can move forward with its $10.5 billion lawsuit accusing Bank of America Corp.'s Countrywide Financial Corp. of lying about the quality of residential mortgage-backed securities it sold to the insurer, tossing Bank of America's jurisdictional challenge.

AIG, which the federal government rescued with a $182 billion bailout in 2008, has been pursuing claims alleging Bank of America's Countrywide and Merrill Lynch & Co. Inc. units sold it faulty mortgage-securities prior to the financial crisis. Bank...
To view the full article, take a free trial now.
Try Law360 for free for seven days
Already a subscriber? Click here to login

Already have access?

  1. Forgot your password?
  2. Sign In

Get instant access to the one-stop news source for business lawyers

Required