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AIG sues BofA over billions in losses

Onslaught of litigation continues to pile up against BofA

American International Group Inc. (AIG) has filed suit against Bank of America (BofA) in an effort to get back some of the billions of dollars the insurer says it lost as a result of BofA’s massive financial fraud. The suit marks another chapter in the continuing legal troubles of the nation’s largest bank.

According to the suit, AIG says BofA and its subsidiaries Countrywide and Merrill Lynch misrepresented the quality of mortgages it sold to investors. As a result, AIG said it lost $28 billion in investments.


Cathleen Flahardy

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