2nd Circ. Grants AIG's Bid To Transfer $10B BofA MBS Suit

Law360, New York (April 19, 2013, 2:45 PM EDT) -- The Second Circuit on Friday gave American International Group a victory in its $10 billion lawsuit over Bank of America NA residential mortgage-backed securities, ruling that the case belonged in state court because Bank of America was not actively involved in any U.S. territorial transactions.

The appeals court reversed the decision of a trial judge who found there was federal jurisdiction over the case under the federal Edge Act, which applies to bank lawsuits involving transactions overseas or in U.S. territories. Bank of America removed the...
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