American International Group (AIG), the U.S. largest insurer that has been steeped in controversy, has filed a lawsuit against Bank of American Corp. The insurer is looking to recover over $10 billion in losses from what it is calling “massive fraud.” The lawsuit is spurred by allegations of mortgage fraud stemming from the bank’s deals leading up to the 2008 economic recession. The suit claims that Bank of America misrepresented its mortgages as being of a higher quality than they actually were. According to the suit, filed with the New…
Read MoreThursday, April 25, 2024
Recent posts
- AI insurance technology appeals to execs but not underwriters
- Flow Specialty Emerges from Capitola Insurance Rebrand with New Leadership and Enhanced Capabilities
- CSU Predicts Intense 2024 Hurricane Season: Impact on Florida Insurance
- Two more insurers stop selling California home insurance
- Insurance Exodus: 2 More Companies to Exit California's Homeowners Insurance Market
