Financial stocks are narrowly mixed with the NYSE Financial
Sector Index down less than 0.1% while the S&P Financial 100
Index is up about 0.3%.
In company news, Brookfield Asset Management Inc. (BAM, BAM.TO)
is drifting between small gains and losses today after late Friday
saying will pay $905 million to American International Group Inc. (
) to scrap a set of agreements on interest-rate derivatives, also
ending a four-year legal fight in U.S. federal court over the
Both of the related 25-year interest rate swap agreements were
originally executed in 1990 between the firms. BAM in September
2009 sued AIG contending the rate swaps were automatically
terminated by AIG's financial collapse and subsequent rescue by the
Federal Reserve and the U.S. Treasury, according to court
BAM said the swaps were accounted for as a $1.4-billion
liability on its Q2 financial results for the three months ended
June 30. AIG shares are up 0.7% to $47.70 each.
In other sector news,
(+) CHMG, (+0.4%) Declares quarterly cash dividend of $0.26 per
share, payable Oct. 1 to shareholders of record on Sept. 17.
(-) AMH, (-0.2%) Credit Suisse begins analyst coverage with
Neutral rating and an $18 a share price target.
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