Law360, New York (July 16, 2014, 11:56 AM ET) — American International Group Inc. said Wednesday that it has reached a global settlement worth at least $650 million of all its claims against Bank of America Corp. and its affiliates over the sale of faulty residential mortgage-backed securities.

The deal resolves lawsuits pending in California and New York federal courts stemming from AIG’s direct losses at the hands of Bank of America’s marketing of RMBS and in connection with AIG’s securities lending program, according to statements from both companies.

AIG has also agreed to drop its..

Source: Law 360