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AIG forced to defend suit over subprime exposure

first_imgMonday 27 September 2010 8:17 pm whatsapp Share AIG forced to defend suit over subprime exposure KCS-content Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily Proofcenter_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farmthedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comWorld LifestyleCouple Has No Idea Why Photo Goes Viral, Then They Notice This In The CornerWorld Lifestyle Tags: NULL whatsapp Show Comments ▼ A JUDGE yesterday refused to dismiss a securities fraud lawsuit accusing American International Group (AIG)?of misleading investors about its exposure to subprime mortgages, which led to a liquidity crisis and $182.3bn of federal bailouts.The ruling by US district judge Laura Taylor Swain allows the case to go forward and could pave the way for a trial over AIG’s near collapse. The government rescue led taxpayers to take a nearly 80 per cent stake in the New York-based insurer.AIG spokesman Mark Herr declined to comment.Investors led by the State of Michigan Retirement accused AIG, executives and directors of failing to disclose the risks that AIG had taken on through its portfolio of credit default swaps (CDS) and a securities lending program.Swain wrote that the allegations in the class-action lawsuit were sufficient to suggest there was “a strong inference of fraudulent intent” in how AIG communicated publicly about the risks in the portfolio of credit default swaps. The lawsuit covers investors who owned AIG securities between 16 March 2006, and 16 September 2008. last_img

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