Bank of America lawsuit over AIG disclosure dismissed

AIG vs. Bank of America. Yesterday we learned that AIG (NYSE:AIG) is planning to file a lawsuit against Bank of America (NYSE:BAC) for $10 billion in losses that AIG realized due to the mortgages it bought. I would like to dig a little deeper into this issue and make some investment decisions. First, this lawsuit seems without any merits whatsoever.

Over the past six years, Bank of America (NYSE:BAC) has entered into or been subject to 51 major legal settlements, judgments, and regulatory fines. Taken together, they add up to $91.2 billion in.

A New York federal judge on Monday dismissed a shareholder lawsuit alleging Bank of America Corp. should have warned investors prior to American International Group Inc.’s $10.5 billion mortgage.

Former Bank of America employees gave sworn statements that the bank lied to homeowners, denied loan modifications for bogus reasons and rewarded employees for sending homeowners to foreclosure.

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Lawsuit vs Bank of America over AIG disclosures dismissed. NEW YORK, Nov 4 (Reuters) – Bank of America Corp has won the dismissal of an unusual lawsuit by shareholders accusing it of concealing a $10 billion fraud case brought by American International Group Inc. In a decision made public on Monday, U.S.

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NEW YORK (Reuters) – Bank of America Corp has won the dismissal of an unusual lawsuit in which shareholders accused it of concealing a $10 billion fraud case brought by American International.

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George M. Garvey. Won dismissal with prejudice of securities class action that alleged that Bank of America should have disclosed threat by AIG to sue the bank over AIG’s mortgage-backed securities losses; court found that the bank’s statements were not misleading and that accounting standards did not require disclosure of the potential AIG lawsuit.

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This article is from the archive of our partner .. Bank of America totally knew ahead of time about AIG’s lawsuit against the bank over fudging loan level details, Reuters reports.Sources told.