A three-judge panel at the U.S. Court of Appeals for the Federal Circuit ruled Tuesday that Starr International Co. Inc. has no legal standing to challenge the 2008 federal government takeover of American International Group Inc. (AIG).
Maurice "Hank" Greenberg, who is a founder and former longtime CEO of AIG, and who currently is the head of Starr International, has argued that the government trampled AIG shareholder rights in September 2008, when it took a 79.9 percent equity stake in AIG in exchange for providing a $85 billion stabilization loan.
Accused government of cheating AIG shareholders
Greenberg and Starr have accused the government of using unlawful means to steal AIG, and of cheating AIG shareholders of about $25 billion.
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Allison Bell
Allison Bell, ThinkAdvisor's insurance editor, previously was LifeHealthPro's health insurance editor. She has a bachelor's degree in economics from Washington University in St. Louis and a master's degree in journalism from the Medill School of Journalism at Northwestern University. She can be reached at [email protected] or on Twitter at @Think_Allison.
