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(CN) - The Kuwait Investment Office claims in a class action that after the mortgage crisis began in 2007, AIG falsely assured investors that it would not be affected by collateralized debt obligations, but "lurking behind AIG's success were the hundreds of billions of dollars of exposure to the U.S. residential mortgage market, including tens of billions of dollars of exposure to subprime debt that would bring the company down."
Class Claims AIG Sunk by 'Recklessness and Greed'
Seeded on Thu Dec 1, 2011 10:57 AM EST
Article Source: Courthouse News Service Securities Law- Enjoy this article? Help vote it up the 'Vine.
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The insurance firm's was "brought down" by "recklessness and greed," the complaint states. Share prices of AIG common stock were artificially bloated slipping to a paltry $2.05 pr share by September 2008.
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