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Sources: BofA Knew of AIG Lawsuit Threat Seven Months Prior to Filing

Posted on 31 Aug 2011

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Bank of America Corp. lawyers knew as early as January that American International Group Inc. (AIG) was prepared to sue the bank for more than $10 billion, seven months before the lawsuit was filed, Reuters reported Tuesday, citing sources familiar with the matter.

The bank didn't mention the lawsuit threat in a quarterly regulatory filing with the U.S. Securities and Exchange Commission just four days earlier, and management also didn't discuss it on conference calls about quarterly results and other pending legal claims, according to Reuters.

Bank of America and AIG declined to comment, Reuters said.