AIG board weighs suing US over bailout
If AIG decides to join the complaint, which seeks
AIG said that after Wednesday's meeting, its directors should have a decision by the end of the month.
The complaint, filed in the
AIG said that, by law, its board must consider three options: take over the lawsuit and pursue the claims on its own; attempt to prevent the claims from being pursued by Starr; or, allow Starr to continue to pursue the complaint on AIG's behalf.
The insurer noted that, if it decides not to let Starr pursue its claims on the company's behalf, Starr would likely challenge the move. Under that scenario, if Starr won the case, AIG would not receive any damages or portion of a potential settlement.
The government came to the rescue of AIG in
All told, AIG's
Since the financial meltdown, AIG has undergone a restructuring that has cut its size nearly in half. Its aim is to focus the company on its core insurance operations.
In 2010, the company spun off Asian life insurer
In November, AIG reported a third-quarter profit of nearly
Shares of AIG ended regular trading down
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