How did Bank of America show that this case brought by AIG over soured mortgage-backed securities should be governed by the federal Edge Act, which applies to foreign banking transactions? By showing that two of the 1.7 million mortgages underlying the 350 mortgage-backed securities at issue were issued on properties in Guam.
Gaining an Edge: Munger Tolles and Reed Smith Invoke Obscure Edge Act to Keep AIG's $10.5 Billion Case Against BofA out of New York State Court
October 21, 2011
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