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AIG makes case for its ability to sue banks

April 5, 2013 by Arthur D. Postal

American International Group contends it never forfeited its right to sue mortgage bankers that sold it virtually worthless mortgage-backed securities, and the insurer says a Federal Reserve official has made inconsistent statements to the court on the matter.

AIG is claiming that it is owed perhaps $10 billion from the banks.

AIG’s statement is contained in a March 28 filing related to its case against BankAmerica, the successor to Countrywide Financial, and Merrill Lynch in federal court in California. Click here to read…

Originally Posted at LifeHealthPro on April 3, 2013 by Arthur D. Postal.

Categories: Industry Articles