Bank Of America Snubs AIG Mediation Bid In $9B MBS Deal

Law360, San Diego (June 27, 2013, 11:08 PM EDT) -- Bank of America Corp. has refused a request by American International Group Inc. to revive negotiations in the bank’s proposed $8.5 billion mortgage-backed securities settlement with a trustee for investors, according to filings with the New York State Supreme Court on Thursday.

AIG and the Federal Home Loan Banks of Boston, Chicago and Indianapolis, which oppose the deal, had sent a letter to trustee Bank of New York Mellon Corp., saying they believed mediation was appropriate and that BNY Mellon as trustee should initiate settlement discussions...
To view the full article, register now.