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

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Robert J. Dwyer, Partner
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November 21, 2011

In the News

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.

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