(Bloomberg) -- For Hank Greenberg, vindication is not enough.
Despite a victory over the federal government Monday in a six-year fight over the bailout of American International Group Inc., his Starr International Co. announced Tuesday that it will appeal the verdict because it wasn’t awarded any money as part of the judgment. The company said it disagreed with the court’s conclusion that there’s no remedy for the government’s illegal conduct.
The terms of an $85 billion rescue loan given to the company in the midst of the 2008 financial crisis were illegal, a federal judge in Washington ruled Monday, siding with Starr in a lawsuit on behalf of AIGshareholders. But investors would have been worse off if the government did nothing, the judge found, and awarded not a penny, though Starr sought as much as $40 billion.
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