BofA Attacks Shareholder Suit Over AIG Litigation

Law360, New York (August 30, 2012, 2:43 PM EDT) -- Bank of America on Tuesday asked a New York federal judge to toss a shareholder lawsuit that claims it concealed an impending $10.5 billion American International Group Inc. fraud suit, saying it had provided numerous warnings of the potential for such litigation.

Bank of America stocks sunk by more than 20 percent after AIG filed an Aug. 8, 2011, suit claiming the bank had fraudulently misrepresented the quality of more than $28 billion in mortgage-backed securities purchased from 2005-07, prompting a group of shareholders led by...
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