Bank of America lawsuit over AIG disclosure dismissed

Bank of America lawsuit over AIG disclosure dismissed

The U.S. Court of Appeals for the Second Circuit affirmed a district court’s dismissal of a shareholder class action won by Munger, Tolles & Olson on behalf of Bank of America Corporation (BofA) and its senior executives involving the bank’s knowledge of potential litigation by American International Group (AIG).

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P/C Insurers AIG More + Less – (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.

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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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Parties, docket activity and news coverage of federal case In Re Bank of America AIG Disclosure Securities Litigation, case number 1:11-cv-06678, from New York Southern Court.

Bank of America on Tuesday moved to dismiss a class action accusing it of failing to disclose that AIG had threatened to sue the bank for misrepresenting the quality of mortgage-back securities. The plaintiffs allege the fraud came to light when the AIG suit was filed, and Bank of America’s stock dropped.

AIG sued Bank of America on Aug. 8, 2011 over alleged losses on more than $28 billion of mortgage-backed securities that the insurer had bought from the Charlotte, North Carolina-based bank and its Countrywide and Merrill Lynch units. Bank of America shares fell 20.3 percent on the day the lawsuit was filed.

Erik and Renee Sundquist have won their eight year long battle with Bank of America illegally foreclosing on their home, reaching a $6M settlement. oppenheim law shares more here.

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