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AIG Sues Bank Of America For $10 Billion Over 'Massive Mortgage Fraud'

(Reuters) - The insurer American International Group Inc (AIG:nyse) is suing Bank of America Corp (BAC:nyse) to recover more than $10 billion of losses from a "massive fraud" on mortgage debt, deepening the morass of litigation faced by the largest U.S. bank.

AIG, still largely owned by taxpayers after $182.3 billion of government bailouts, is the latest of a growing number of investors filing lawsuits seeking to hold banks responsible for losses on troubled mortgages that contributed to the financial crisis.

The AIG complaint, being filed in the New York State Supreme Court in Manhattan, accuses Bank of America and its Countrywide and Merrill Lynch units of misrepresenting the quality of mortgages placed in securities and sold to investors.

Reuters obtained a copy of the complaint.  AIG is preparing similar lawsuits against other large banks.

Continue reading at Reuters...


Here's the lawsuit.

AIG versus BAC 8-8-2011


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Reader Comments (5)

Here Comes TARP 2: Bank Of America Implodes, At $6.87, BAC CDS Up 20% To 260 bps As Bankruptcy Contemplated

Aug 8, 2011 at 11:48 AM | Unregistered CommenterLiberatedCitizen

bank of america trading down 15%
Aug 8, 2011 at 12:31 PM | Registered CommenterDailyBail
Aug 8, 2011 at 12:53 PM | Registered CommenterDailyBail
The One Bank We're 'Most Cautious' On: KBW Strategist


bank of america
Aug 8, 2011 at 4:09 PM | Registered CommenterDailyBail

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