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AIG drops its lawsuit against the FRBNY over who may sue over losses suffered by the company on...

AIG drops its lawsuit against the FRBNY over who may sue over losses suffered by the company on MBS. The Fed's Maiden Lane II took over the securities as part of the bailout, and the issue was whether AIG gave up its right to sue when it unloaded the paper. The move comes even as a judge earlier this month said AIG did not relinquish its right to sue Bank of America (BAC) over mortgages issued by Countrywide.
Comments (3)
  • drogersw6509
    , contributor
    Comments (7) | Send Message
     
    How does this ruling affect BAC?
    30 May 2013, 05:21 PM Reply Like
  • bankman1948
    , contributor
    Comments (6) | Send Message
     
    As a former BAC officer, I think that it is about time that everyone stops trying to make up for their mistakes on the backs of the banks. They chose to take the deals that were offered in the bailout rather than take their chances on lawsuits. Now they want it both ways. Sorry Charlie - Only The Best Tuna Gets Pickd By Starkist. Your lawsuits smell like old CARP that has set in the sun for a week. Yes, the Countrywide purchase was a bad move, but at the time, before the bad loan practices were discovered, two billion dollars for a company with the Countrywide Platform and eighteen billion dollars in assets looked good. Who knew that friends of Angelo in congress were making sweet deals for themselves and screwing the public. Kind of like the FED forcing BAC to buy ML when they tried t back out of the deal when their auditors discovered all of the bad paper. It was extortion plain and simple. But, that is the way the Government works.
    30 May 2013, 11:46 PM Reply Like
  • MexCom
    , contributor
    Comments (3051) | Send Message
     
    This indicates a continued winding down of the litigation against the banks. And, those maintaining legal staffs and keeping the meters running for outside legal assistance are finding out that the costs are not worth the risk of not having anything to show for it. In court - you can lose. Money spent and nothing gained.
    31 May 2013, 06:15 AM Reply Like
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