AIG sues two financial firms over CDO losses
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NEW YORK (Reuters)—AIG sued two money managers on Thursday, contending the giant insurer lost billions of dollars insuring mortgage securities that one of the financial firms created.
New York-based American International Group Inc. sued ICP Asset Management and Moore Capital in New York State Supreme Court.
The insurer said in the lawsuit that the defendants breached obligations to AIG related to the creation of complex collateralized debt obligations.
AIG said it has suffered more than $350 million in damages from the alleged misconduct.
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SEC sues firm over CDO sales to AIG-backed vehicles
NEW YORK (Bloomberg)—ICP Asset Management L.L.C. and its founder were sued by U.S. regulators for their role in selling mortgage-backed securities to vehicles insured by American International Group Inc. as the housing market declined.
