American International Group Inc has filed a lawsuit against a vehicle created by the Federal Reserve Bank of New York to help bail out the insurer, in a bid to preserve its right to sue Bank of America Corp and other issuers of mortgage debt that went sour.The complaint filed in the New York State Supreme Court in Manhattan seeks a declaration that AIG has not transferred billions of dollars of "litigation claims" to Maiden Lane II, including many related to the insurer's $10 billion lawsuit against Bank of America.Maiden Lane II was created in December 2008 to purchase residential mortgage-backed securities (RMBS) from AIG and ease liquidity strains.According to the complaint, New York Fed officials in December told Bank of America that Maiden Lane II had, by agreeing to buy the securities, assumed from AIG all litigation claims relating to what it bought. AIG said this included more than $7 billion of damages claims against Bank of America.
American International Group, Inc. (AIG) is an international insurance company, serving customers in more than 130 countries. Shares of AIG fell by 1.59% or $-0.57/share to $35.23. In the past year, the shares have traded as low as $24.16 and as high as $37.67. On average, 24703700 shares of AIG exchange hands on a given day and today's volume is recorded at 17836220.
Bank of America Corporation (Bank of America) is a bank holding company, and a financial holding company. Shares of BAC fell by 1.27% or $-0.15/share to $11.63. In the past year, the shares have traded as low as $6.44 and as high as $12.20. On average, 164576000 shares of BAC exchange hands on a given day and today's volume is recorded at 146145936.
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