AIG Won't Join Greenberg Lawsuit

American International Group Inc.'s AIG +0.28%directors decided Wednesday not to participate in a lawsuit that accuses the U.S. government of taking advantage of the company in its rescue from the financial crisis.

The suit was filed in 2011 in the U.S. Court of Federal Claims in Washington by Starr International Co., the company headed by AIG's 87-year-old former chief executive, Maurice R. "Hank" Greenberg. It seeks $25 billion in damages for AIG and its shareholders. Starr requested that AIG join it in pursuing the claims, and the insurer's board agreed to hear presentations on the suit during Wednesday's meeting.

The court ruled in July that the case could proceed, after the U.S. government sought to dismiss it.

Read Full Article from Wall Street Journal

- Posted: 2013-01-09 16:11:29

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