AIG Strengthens Hand In $10B BofA MBS Suit

Law360, New York (March 29, 2013, 2:11 PM EDT) -- American International Group Inc. strengthened its $10 billion mortgage-backed securities suit against Bank of America Corp. when a federal banking regulator backpedaled in testimony released Thursday on earlier statements that AIG had surrendered its litigation rights during its massive government bailout.

AIG, which the federal government rescued with a $182 billion bailout in 2008, has been pursuing claims that Bank of America's Countrywide Financial Corp. and Merrill Lynch & Co. Inc. units sold it faulty mortgage-securities prior to the financial crisis. Bank of America has countered...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.