Only AIG Subsidiary Belongs In Asbestos Suit, Judge Rules

Law360, New York (June 25, 2013, 2:42 PM EDT) -- American International Group Inc. doesn't need to be in Transatlantic Reinsurance Co.'s lawsuit over whether the reinsurer has to help cover a $173.6 million asbestos settlement with an AIG subsidiary, a New York state judge ruled Tuesday.

Judge Shirley Werner Kornreich said during a hearing Tuesday that only AIG subsidiary AIU Insurance Co. needed to be named as a defendant in the suit — which accuses AIG of hiding millions of dollars in extra financing charges when AIU asked Transatlantic for help covering the settlement, and...
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