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$25 Billion Class Action Brought Against U.S. Government Regarding 2008 AIG Takeover

November 21, 2011

On behalf of Starr International Inc., BSF filed a $25 billion class action and derivative lawsuit on November 22, 2011, in the United States Court of Federal Claims against the U.S. government. The lawsuit asserts unlawful taking of nearly 80% of AIG common stock without just compensation in violation of the Takings Clause of the U.S. Constitution.  The action also asserts claims that the Department of Treasury harmed AIG by using the company as a funnel to engineer a massive backdoor bailout of other financial institutions. 

Later that day, BSF filed another lawsuit in the Southern District of New York against the Federal Reserve Bank of New York (FRBNY) alleging direct and derivative claims of breach of fiduciary duties acquired by FRBNY as the controlling lender and shareholder of AIG related to the government’s takeover of AIG in 2008. 

Please follow the below links for media coverage of this case.

Wall Street Journal, November 22, 2011
Greenberg Sues U.S. Over AIG Rescue

New York Times, November 22, 2011
Greenberg Sues U.S. Over A.I.G. Takeover

Chicago Tribune, November 22, 2011
AIG's Greenberg sues U.S. for $25 billion

CNN Money, November 22, 2011
AIG's Greenberg sues U.S. for $25 billion

Law360 [subscription], November 21, 2011
Ex-AIG CEO Launches $25B Suits Over Gov't Takeover

American Lawyer, November 21, 2011
Boies, Skadden File $25 Billion Derivative Suit Against U.S. for Hank Greenberg over AIG 'Backdoor Bailouts'

Reuters, November 21, 2011
Greenberg sues U.S. for $25 bln over AIG takeover

Bloomberg, November 21, 2011
Greenberg’s Starr Sues U.S. for $25 Billion on AIG Bailout

Financial Times, November 21, 2011
Greenberg sues for $25bn over AIG bail-out

Forbes, November 21, 2011
Hank Greenberg Lawsuit Hammers U.S. Use Of AIG For 'Backdoor Bailout'

The Telegraph (UK), November 21, 2011
Ex-AIG chief Maurice 'Hank' Greenberg sues US for $25bn

MSNBC, November 21, 2011
Former AIG chief sues U.S. for $25 billion

AFP, November 21, 2011
AIG chief sues US for $25bn over takeover

Associated Press, November 21, 2011
Ex-AIG CEO's company suing government over bailout

Business Insider, November 21, 2011
Hank Greenberg Is Suing The Government Over The Takeover Of AIG And Wants $25 BILLION In Damages, November 21, 2011
Former AIG CEO Greenberg Sues US Government for $25 Billion Over Bailout

The Hill, November 21, 2011
Government sued for $25 billion as AIG takeover called unconstitutional

Related Lawyers: David Boies, Robert B. Silver, Robert J. Dwyer, Nicholas A. Gravante Jr., Hamish P. M. Hume, Samuel C. Kaplan, Duane L. Loft, , Ilana R. Miller, Joshua James Libling, , , Laura Harris

Related Practices: Litigation, Constitutional Law and First Amendment / Mass Media, Internal Investigations, , Class Actions