In the annals of mortgage-backed securities litigation, the fight between Bank of America Corporation and American International Group Inc. alone could fill volumes. Now one small chapter, at least, appears to be at an end.
In a brief order issued on Monday, the U.S. Court of Appeals for the Second Circuit ruled that Bank of America shareholders can’t pursue claims that the bank duped them about a massive impending lawsuit from AIG in 2011. The decision affirms a ruling by U.S. District Judge John Koeltl in Manhattan, who sided with BofA’s lawyers at Munger Tolles & Olson and Winston & Strawn and tossed the case last year.
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