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Bank of America lawsuit over AIG disclosure dismissed

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According to Reuters, Bank of America (BAC) has won the dismissal of a lawsuit  accusing the mega bank of concealing a $10 billion fraud case brought by American International Group.  

In a decision made public on Monday, U.S. District Judge John Koeltl in Manhattan said the second-largest U.S. bank was not required to disclose the alleged imminence of the AIG lawsuit, or the scope of potential losses.

AIG sued Bank of America on August 8, 2011, alleging misrepresentations about the quality of more than $28 billion of mortgage-backed securities it bought from the bank and its Countrywide and Merrill Lynch units. Bank of America shares fell 20.3 percent on the day that case was filed.

Source: Reuters
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