This is an archived article that was published on sltrib.com in 2011, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.
New York • Insurer AIG wants more than $10 billion from Bank of America, saying the bank cheated it by selling it overvalued mortgage-backed securities.
American International Group Inc. filed suit Monday in New York State's Supreme Court.
Bank of America Corp. denies the allegations, saying AIG "recklessly" chased investments with high returns, and was big and sophisticated enough to know the risks.
Banks have been hit by a series of suits over misrepresentations related to the securities. In June, Bank of America agreed to pay $8.5 billion to a group of investors for selling them poor-quality mortgage securities.
