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Former American International Group (NYSE:AIG) CEO Maurice Greenberg is leading a campaign to sue the federal government for its methods in handling the firm’s bailout in 2008, even though AIG stated back in January that it would not participate in the case.
Despite AIG backing out, Greenberg — through his Starr International firm — and shareholders of AIG have achieved class action status against the government.
The suit alleges that the government unlawfully took property from shareholders in violation of the Fifth Amendment when it bailed the company out in 2008, for $182 billion. After weighing the case, AIG decided not to participate, and forbid Greenberg from pursuing the case in AIG’s name.
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