Greenberg’s firm confronts U.S. again over 2008 AIG rescue
November 15, 2016 by Andrew Harris, Susan Decker
(Bloomberg) — U.S. lawyers on Friday urged an appeals court to bless the federal government’s $85 billion bailout of American International Group Inc. At the same time, attorneys for Maurice “Hank” Greenberg are asking the same court to rule that he and other AIG investors deserve billions of dollars because terms of the 2008 rescue made it illegal.
A trial judge ruled last year that while the U.S. acted improperly and treated AIG more harshly than other firms in peril during the financial crisis, its investors were owed nothing because government inaction would have spelled doom for the insurer. Both asked the Washington-based U.S. Court Appeals for the Federal Circuit to reverse the parts of the case they lost.
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