Friday, August 13

For Bank of America filed a lawsuit worth billions of dollars

The American insurance company AIG intends to submit to the Bank of America, one of the largest U.S. banks, the claim of billions of dollars. The company, clarifies how Agence France-Presse, think that the bank had warned AIG on the potential risks and as mortgage bonds, which she bought. According to the lawsuit, filed in the Supreme Court of New York, AIG accused Bank of America, as well as its member Countrywide and Merrill Lynch in overstating the quality of mortgage instruments included in the securities and sold to investors. The New York Times writes that AIG will try to recover from the Bank of America $ 10 billion. Total investments in mortgage bonds in the insurance company lost 27 billion dollars. The newspaper said the lawsuit by 10 billion may be the most important of all, are related to the mortgage crisis and submitted by one organization (ie, not a group lawsuit.) In addition, AIG is preparing similar lawsuits against other large banks. AIG has actively participated in operations in the market of mortgage bonds and credit default swaps. It is these stock markets were most vulnerable to the crisis of 2008. AIG was the largest debtor of a number of leading U.S. banks, so the U.S. government was forced to hold partial nationalization of the company, not to bring down the entire banking system. As a result, insurance companies, whose losses during the crisis amounted to about $ 100 billion, has received government support amounting to 182 billion. Now the state gets rid of the most unattractive assets of the company to improve its financial stability and make more attractive for private investors.

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