American International Group Inc. is planning to sue Bank of America Inc. and other financial institutions to recover losses on mortgage-backed securities, a number of news outlets report.
The New York Times reports that the suit claims Bank of America and its Merrill Lynch and Countrywide Financial units misrepresented the quality of the mortgages placed in securities and sold to investors, according to three people with knowledge of the complaint. AIG seeks to recover more than $10 billion in losses on $28 billion of investments.
Register or login for access to this item and much more
All Digital Insurance content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access