Starr International Files $25B Suit Against U.S. Over AIG Takeover

A company run by former American International Group Inc Chief Executive Maurice “Hank” Greenberg sued the U.S. government for $25 billion, calling the 2008 federal takeover of the insurer unconstitutional.

The lawsuit marks an unusual effort to force the government to pay shareholders, who have seen AIG’s stock price tumble 98 percent since the middle of 2007, when the insurer’s risky bets on mortgage debt through credit default swaps began to falter.

Greenberg’s company, Starr International Co, also filed a lawsuit against the Federal Reserve Bank of New York, whose president at the time of the takeover was Timothy Geithner, now U.S. Treasury Secretary.

via Starr International Files $25B Suit Against U.S. Over AIG Takeover.

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Starr International Files $25B Suit Against U.S. Over AIG Takeover

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