AIG

District Court Denies Countrywide’s Motion to Dismiss AIG Suit

by Orrick - Structured Finance Group on 5/15/2013

On May 6, Judge Mariana Pfaelzer of the United States District Court for the Central District of California allowed American International Group, Inc. (AIG) to proceed with several of its claims against Bank of America and...more

Orrick's Financial Industry Week in Review - May 13, 2013

by Orrick, Herrington & Sutcliffe LLP on 5/13/2013

In This Issue: FHFA Limit on Fannie and Freddie Loan Purchases to Qualified Mortgage; Rating Agency Developments; MBIA and Bank of America Settle MBS Litigation for $1.7 Billion: Assured and UBS Agree to Settle RMBS...more

Court Certifies Class Action in Takings Case Arising from Government’s Takeover of AIG

by Nancie G. Marzulla on 5/6/2013

The U.S. Court of Federal Claims recently agreed to certify a class in a takings case, Starr International v. United States. Starr involves claims by shareholders of American International Group (AIG). Their lawsuit...more

Orrick's Financial Industry Week in Review - April 22, 2013

by Orrick, Herrington & Sutcliffe LLP on 4/22/2013

Second Circuit Rejects Edge Act Jurisdiction in AIG RMBS Case - On April 19, the Second Circuit ruled that a lawsuit brought by American International Group (AIG) against several Bank of America entities involving...more

Saskatchewan Trial Court Awards Record Punitive Damages for Insurer Bad Faith

by Michael Doerksen | Field Law on 4/15/2013

A Justice of the Saskatchewan Court of Queen’s Bench has assessed punitive damages totalling $4,500,000 against two insurers in a recent trial decision, Branco v. American Home Assurance et. al., 2013 SKQB 98. In rendering a...more

The FSA Fines Prudential £30m over its Failed $35.5bn Bid for AIA

by Orrick - Structured Finance Group on 4/5/2013

The fine has been levied for Prudential’s failure to inform the FSA that it was seeking to acquire the Asian arm of AIG at an appropriate time, in breach of FSA Principles and UKLA Listing Principles. ...more

FSA Fines UBS £9.45 Million for Failings in AIG Fund Sales

by Orrick - Structured Finance Group on 2/21/2013

On February 12, the FSA published a final notice issued to UBS AG, setting out a fine of £9.45 million in respect of failings identified in its sale of the AIG Enhanced Variable Rate Fund (the Fund). Having reviewed sales of...more

Orrick's Financial Industry Week In Review - February 19, 2013

by Orrick, Herrington & Sutcliffe LLP on 2/19/2013

In This Issue: - Financial Industry Developments •CFPB Implementation Plan for Mortgage Rules •FDIC Proposed Rule on Insured Deposits at Foreign Branches of U.S. Banks •CFPB Bulletin on Servicers'...more

Consenting Adults: D.C. Circuit Tells Press To Stay Out Of SEC-AIG Relationship

by William Alderman, David Keenan, M. Todd Scott | Orrick - Securities Litigation and Regulatory... on 2/12/2013

What happens between a mature multinational insurance corporation and its regulator is nobody’s business, or so says the United States Court of Appeals for the D.C. Circuit, which issued an opinion in SEC v. AIG on February...more

The Final Geithner Tally: TARP Bailout Pays Big Dividends For Taxpayers

by Susanne Klaric | Orrick - Securities Litigation and Regulatory... on 1/23/2013

As U.S. Secretary of Treasury Timothy Geithner steps down, Treasury released a January 18, 2012 update on the Troubled Asset Relief Program (“TARP”). This most recent update highlights an often misunderstood reality —...more

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