Posted by
alfredlester on Thursday, April 28, 2011 11:06:32 AM
WILMINGTON, Delaware (Reuters) - American International Group (AIG.N) Two Sued money management FIRMS Thursday we have bailed out The Insurer Launched a fight to recoup billions of dollars it lost due to Said it fraud.
The Insurance, 92 percent owned by the U.S. Government, Sued ICP Asset Management and Moore Capital in New York State Supreme Court, contending it Suffered Losses by huge mortgage securities Insuring That One of The Financial FIRMS Created.
ICP Could not Be Reached Immediately for comment.A Spokesman Said Moore in a statement: "We Have not Seen the Complaint, and how it can not Therefor."
AIG, Which Received $ 182 Billions in bailout money, Said The suits Were the start of a campaign to recover sacrifice part of it Suffered The Loss as a result of Others&&9; misconduct.
"At last year&&9;s annual meeting, AIG CEO Bob Benmosche Said WE WOULD review o Dealing with all Counterparties Of The Business With Which We Did Before and" during the Financial Crisis to See If They harmed us by Their Conduct.This Is The following first result of That review, "the company said.
The following, by AIG&&9;s Financial Products unit, There Was Indicated more legal action to come to The Company Would not whether or how it When It Would Further file complaints payday advances.
"AIG-FP Brings this action as part of American International Group&&9;s efforts to recoup Overall Potentially trillions of dollars from The Fraudulent Conduct of Parties and Other arguable case," the plainte said.
The U.S. Government Rescued AIG Has The Heights of the 2008 Financial panic, pumping trillions Into the company, after it and Other Financial giants Suffered Losses from securities huge tied to a U.S.housing market crash.
The lawsuit Said the defendants Breached obligations related to AIG To The creation of complex collateralized debt obligations, or CDOs.
AIG Said it has Suffered more than $ 350 million in damages from The Alleged misconduct, Which included using inflated values ??On The packaged mortgage bonds That Were Into the CDOs.
By inflating the value, ICP Created Itself for windfall profits and management fees swelled icts.
The lawsuit Draw on allegations made by ICP Against The Securities and Exchange Commission last year Which PKI accusé of securities fraud.
(Additional reporting by Martha Graybow and Noeleen Walder, Editing by Howard Goller)
Two sues AIG Financial FIRMS over CDO Losses