AIG Declines to Sue U.S. Government

On Wednesday, insurer American International Group (NYSE: AIG  ) confirmed that it will not participate in lawsuits that Starr International has filed, arguing that the terms of the U.S. government's 2008 bailout of AIG were unfair to the company's then-shareholders.

Starr had asked AIG to support its shareholder derivative lawsuits against the U.S. government and the Federal Reserve Board of New York, or, as an alternative, to file such lawsuits itself. AIG's board has refused both proposals.

In a statement explaining its decision, AIG Chairman of the Board Steve Miller said: "America invested in 62,000 AIG employees, and we kept our promise to rebuild this great company, repay every dollar America invested in us, and deliver a profit to those who put their trust in us. To date, AIG has returned $205 billion to America, including a profit of $22.7 billion. We continue to thank America for its support."

AIG shares closed up 0.3% on Wednesday at $35.76


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2187983, ~/Articles/ArticleHandler.aspx, 11/27/2014 4:17:53 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Today's Market

updated 18 hours ago Sponsored by:
DOW 17,827.75 12.81 0.00%
S&P 500 2,072.83 5.80 0.00%
NASD 4,787.32 29.07 0.00%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes

Related Tickers

11/26/2014 4:02 PM
AIG $54.61 Down -0.07 +0.00%
American Internati… CAPS Rating: ****

Advertisement