AIG is preparing to sue some of the biggest banks for fraud, alleging that they mis-sold mortgage securities before the financial crisis and pushed the 90-year-old insurance group to the brink of failure.
Morgan Stanley disclosed yesterday that AIG “may file a lawsuit” over $3.7bn of securities, after opting to end an agreement that had suspended legal action to allow the two parties to work on a settlement.
People familiar with the matter said AIG had also held intensive discussions with “a number of other banks” and reached confidential settlements with some. But other discussions are outstanding and could result in lawsuits being filed before the end of the year.
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