Insurer American International Group Inc (AIG) is suing Bank of America Corp to recover more than US$10bil of losses from a “massive fraud” on mortgage debt, deepening the morass of litigation faced by the largest US bank.
AIG, still largely owned by taxpayers after US$182.3bil of government bailouts, is the latest of a growing number of investors filing lawsuits to hold banks responsible for losses on soured mortgages that contributed to the financial crisis. (Reuters)
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