Biz: AIG sues Bank of America claiming they got massively defrauded
- Defendants were engaged in a massive scheme to manipulate and deceive investors, like AIG, who had no alternative but to rely on the lies and omissions made.
- A legal complaint filed by AIG • Revealing that the company, which still has a freaking massive taxpayer bill to pay off, plans to sue Bank of America for $10 billion dollars, claiming “massive fraud” on the mortgage debt AIG insured while the companies Countrywide and Merrill Lynch were still independent. (To put it simply, AIG feels that the companies lied about the quality of the debt, making them sound better than it was.) AIG is still working on paying back roughly $182.3 billion in bailouts, so the $10 billion would help. source