AIG Unit Sues Countrywide Over Loan Losses

AIG, once the world's largest insurer, recently reported a 2008 fourth-quarter loss of $61.7 billion — the biggest quarterly loss in U.S. corporate history — linked to subprime loan defaults and continued market turmoil. The company, which has received over $170 million in government aid, outraged lawmakers by recently paying out $165 million in bonuses, including to traders in the Financial Products unit that nearly brought about AIG's collapse.

For its part, Countrywide is the target of multiple lawsuits linked to the subprime mortgage meltdown.

Calls and emails to AIG's attorney and Countrywide representatives seeking comment weren't immediately returned late Thursday.