American International Group Inc. argued on June 4 that a proposed $8.5 billion settlement between Bank of America Corp. and investors in Countrywide Financial Corp. mortgage-backed securities was not big enough.
The arguments came in the second day of a hearing before Justice Barbara Kapnick in New York state court on whether to approve the 2011 settlement.
Bank of America, which rescued Countrywide at the height of the financial crisis in 2008, agreed in 2011 to settle with investors who said Countrywide had misrepresented mortgages underlying its securities.
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