AIG Throws One-Two Punch in Bank of America MBS Litigation with $10.5 Billion Suit and New Challenge to $8.5 Billion Bondholder Settlement


We've all been waiting for the other shoe to drop since word leaked in April that AIG was getting ready to sue the banks that sold it $40 billion in toxic mortgage bonds. On Monday AIG's lawyers at Quinn Emanuel slammed it down--and hard. The bank's new litigation woes, coupled with the U.S. credit downgrade, may have conspired to knock 20 percent off BofA's stock price on Monday.

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