AIG Unit Sues Tyco Over Bond Buyback Offer

Law360, New York (May 11, 2007, 12:00 AM EDT) -- A unit of American International Group Inc. filed suit against a Tyco International Ltd. subsidiary on Wednesday over an allegedly unfair offer Tyco has made to buy back $5.6 billion in Tyco bonds in preparation for its liquidation.

In a complaint filed in the U.S. District Court for the Southern District of New York, AIG Global Investment Corp., which holds Tyco notes issued in 1998 and 2003, claims Tyco’s tender offer to buy the notes contains false and misleading disclosures. The investment adviser seeks declaratory judgment...
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