AIG Sues ICP Over $350M In CDO Insurance Losses

Law360, New York (April 28, 2011, 2:41 PM EDT) -- An American International Group Inc. subsidiary sued ICP Asset Management LLC and Moore Capital Management LP in New York state court Thursday, seeking to recoup more than $350 million in damages allegedly incurred from insuring mortgage securities created by ICP.

AIG Financial Products Corp. claims that investment advisory firm ICP perpetuated a deceitful and fraudulent scheme that included execution of approximately $1.5 billion in unauthorized and above-market purchases for two collateralized debt obligations that were designed to benefit ICP and its conspirators while harming both the...
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