Quinn Emanuel Urquhart & Sullivan helped wring yet another settlement from Bank of America Corporation on Wednesday, guiding American International Group Inc. to a global resolution of its mortgage-backed securities litigation against the bank. AIG will pocket $650 million in cash, plus its pro rata share of an earlier $8.5 billion deal between BofA and MBS investors.
The deal caps a five-year litigation spree for Quinn Emanuel in a trio of major battles with Bank of America tied to the credit crisis. The firm represented the bond insurer MBIA Inc. in mortgage buy-back litigation against the bank, culminating in a $1.7 billion settlement that ended multiple disputes between the companies. In March, Quinn Emanuel also wrested $9.3 billion from BofA on behalf of the Federal Housing Finance Agency, resolving a big chunk of the FHFA’s campaign against banks that sold mortgage-backed securities to Fannie Mae and Freddie Mac.
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