AIG ‘threatens’ Goldmans with lawsuit
AIG's muscular approach to litigation continued with a threat to sue Goldman Sachs over mortgage-related offerings, the investment bank said in its 9 August quarterly filing with the Securities and Exchange Commission.
AIG is named alongside fellow insurer Allstate, US government-backed mortgage finance giants Fannie Mae and Freddie Mac and others as entities that have "threatened to assert claims against the firm in connection with various mortgage-related offerings".
Goldman Sachs said it had entered into agreements with a number of these firms to toll the relevant statute of limitations.
The Wall Street giant is already facing lawsuits that could cost the firm around $485mn, according to its own estimates based on the difference between the purchase price of the securities and their value at the end of the second quarter.
A spokesman for AIG said: "This is not the first lawsuit that AIG has filed against counterparties that have sought to profit at our expense, and we anticipate that it will not be the last."