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…