(Bloomberg) -- Pacific Investment Management Co. accusedAmerican International Group Inc. of misleading investors about“colossal” losing bets on unregulated credit-default swaps andsubprime debt before the 2008 financial crisis.
Pimco seeks to hold AIG accountable for tens of billions ofdollars in shares and bonds that were wiped out because of theinsurer’s exposure to the swaps and residential mortgage-backedsecurities. AIG falsely claimed its exposure was remote even in asevere situation, Pimco said in a complaint filed March 27 in statecourt in Santa Ana, Calif.
The case was filed by Pimco after it declined to join in a$970.5 million settlement along with other investors.
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