Accounting News Roundup: BofA Gets Sued For ‘Massive Fraud’; U.S. and China Try To Get Along on Audits; Groupon Dumps ACSOI | 08.08.11
AIG sues BofA for $10 billion over “massive fraud” [Reuters]
The insurer American International Group Inc (AIG.N) is suing Bank of America Corp (BAC.N) to recover more than $10 billion of losses from a “massive fraud” on mortgage debt, deepening the morass of litigation faced by the largest U.S. bank. AIG, still largely owned by taxpayers after $182.3 billion of government bailouts, is the latest of a growing number of investors filing lawsuits seeking to hold banks responsible for losses on troubled mortgages that contributed to the financial crisis.
US and China Fail to Agree on Cross-Border Auditing Standards [