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Bank of America (NYSE:BAC): Current price $11.29
During the past week, the Federal Reserve Bank of New York released details of an accord it reached with Bank of America that could reinforce its case in a lawsuit with the insurer American International Group (NYSE:AIG) regarding mortgage-securities claims. The latter’s $10 billion lawsuit against BofA is aimed at regaining losses as it claims to have the right to recoup these them, and did not transfer them when it transferred $18 billion in litigation claims to the Fed in relation its own bailout. The resolution the New York Fed submitted on Thursday to a Los Angeles court indicates that when the Fed agreed to buy troubled assets from AIG, it presumed that it was purchasing all “right, title and interest” in them, including litigation claims linked with those securities or their acquisition by AIG, according to the settlement.
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