AIG sues Bank of America for $10B over mortgages

NEW YORK — American International Group Inc. said Monday it sued Bank of America Corp. for more than $10 billion, saying the bank cheated it by selling residential mortgage-backed securities that were overvalued.

Bank of America denied 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 of mortgage-based securities.

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