AIG Jumps Into The Lawsuit Fray In A Big Way
Just when you thought things couldn't get any worse for the dudes at Bank of America.
Now, insurer American International Group is expected to sue Bank of America in what might be the largest mortgage-security-related action filed by a single investor, the New York Times reports.The suit seeks to recover more than $10 billion in losses on $28 billion in investments in mortgage-backed securities, according to the Times.
According to the report, there's a growing trend of investors pursuing private lawsuits claiming banks misled them into purchasing risky securities. The trend also stems from the lack of prosecutions on behalf of the Justice Department against the largest financial firms and their execs….
http://www.businessinsider.com/aig-suing-bank-of-america-2011-8
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