Monday, May 20, 2013
Amid public outrage, AIG opts out of suit against feds
POSTED: 10:35 a.m. HST, Jan 09, 2013
LAST UPDATED: 10:37 a.m. HST, Jan 09, 2013
NEW YORK » Facing a certain backlash from Washington and beyond, American International Group won't be joining a shareholder lawsuit against the U.S. government.
AIG was legally obligated to consider joining the lawsuit being brought against the government by former AIG Chief Executive Maurice Greenberg, who claims that the terms of the $182 billion bailout weren't fair to AIG shareholders.
The prospect of AIG joining the lawsuit had already triggered outrage. A congressman from Vermont issued a statement telling AIG: "Don't even think about it."
AIG was rescued from the brink of collapse by the U.S. government at the height of the 2008 financial crisis. The insurance company nearly imploded after making huge bets on mortgage investments that later went wrong.
The company currently has an ad campaign themed "Thank You America."
