American International Group (AIG: 22.50 -10.36%), the insurer bailed out by the Federal Reserve in the wake of the 2008 financial crisis, plans to sue Bank of America (BAC: 6.89 -15.67%) to recover more than $10 billion in losses on mortgage securities, according to The New York Times.
The paper reports AIG claims BofA and Merrill Lynch, as well as Countrywide, which was acquired by BofA, misrepresented the quality of mortgages sold to investors within securities.
AIG versus BAC 8-8-2011
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