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American International Group (NYSE:AIG): Current price $35.58
The American International Group (NYSE:AIG) decided that it would stay away from a $25 billion lawsuit filed by former chief executive, Maurice R Greenberg, against the federal government claiming its $182 billion financial crisis bailout of AIG was prejudicial to the company’s shareholders. AIG’s board met with Greenberg as well as senior officials from the Treasury Department and the Federal Reserve Bank of New York Wednesday. In an internal memo to employees Robert H. Benmosche, A.I.G.’s chief executive and a director said, “The board’s decision today was about continuing to move this company forward, not backward. We as a company have kept our promise to return every dollar America invested in us, plus a substantial profit.” Separately, Greenberg and his company Starr International announced they would not sue AIG for its decision not to join that law suit against the government.