American International Group Inc. was forced through a menacing gauntlet over the past few weeks in its $10.5 billion mortgage-backed securities case against Countrywide and Bank of America. But according to AIG and its lawyers at Quinn Emanuel Urquhart & Sullivan, the company emerged late Wednesday with barely a scratch.
U.S. District Judge Mariana Pfaelzer in Los Angeles, who’s presiding over a $6 billion chunk of the case related to Countrywide MBS, allowed a big swath of AIG’s claims to move forward. She dismissed all of AIG’s federal securities claims and certain claims by three AIG subsidiaries as time-barred, but she left common law claims by AIG’s parent company and more than a dozen AIG units intact.
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