While the world is being overwhelmed by the new wave of the crisis, the aftermath of the 2008 one re-emerges from the past. The insurance giant American International Group (better known as Aig) wants to sue Bank of America. The goal is to obtain a check for 10 billion dollars in compensation for the losses suffered by the company.
The Bank, together with its subsidiaries Merrill Lynch and Countrywide Financial, would be guilty of having provided false indications on the reliability of securities derived from subprime mortgages. For the same reason, AIG could also initiate similar proceedings against financial titans such as Goldman Sachs, JpMorgan Chase and Deutsche Bank. If AIG's first initiative goes through, it would be the highest compensation ever paid to a single investor.
"We reject AIG's accusations - commented Lawrence Di Rita, spokesman for Bank of America - because the company has recklessly invested a large part of the profits and has suffered losses exclusively attributable to its errors". Mark Herr, AIG spokesman, disagrees, replying: “Bank of America's reaction is disappointing but predictable. Investors, however experienced, had the right to be informed by the Bank of the risk associated with the securities purchased".
