Group refuses to join Starr lawsuit
AIG has announced that it will not comply with Starr International Company’s latest legal action against the US and the Federal Reserve Board of New York.
The lawsuit contests the terms of AIG’s bailout in 2008.
In a statement, AIG said it would publish its reasons in the next few weeks.
AIG chairman Robert Miller said: “In considering and ultimately refusing the demand before us, the board of directors properly and fully executed our fiduciary and legal obligations to AIG and its shareholders.
“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 $205bn to America, including a profit of $22.7bn. We continue to thank America for its support.”
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