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