American International Group won't join or take over a lawsuit championed by the company's former Chairman and CEO, Maurice "Hank" Greenberg, over the government's 2008 bailout of the insurance giant.
"The AIG board has determined to refuse Starr's demand in its entirety, and will neither pursue these claims itself nor permit Starr to pursue them in AIG's name," the board said in a statement issued at 3 p.m., following a meeting.
The board cited certain reputational damage in deciding not to pursue the action, a statement said.
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