Lawyers for Maurice "Hank" Greenberg, the former chairman and CEO of AIG, argue in a court filing that the Federal Reserve Board did not have unlimited powers when it moved to aid AIG in late 2008 and that some of its actions breached its duty to AIG shareholders.
The filing was in response to one in April made by the Federal Reserve Board of New York (FRBNY), calling on the court to dismiss a lawsuit that Greenberg—individually and as a shareholder of what was then an AIG subsidiary, Starr International—brought last November against the Fed.
The suit was filed in Federal District Court in Manhattan.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
