NY Fed Asks 2nd Circ. To Kill Suit Over $100B AIG Bailout

Law360, New York (September 17, 2013, 7:29 PM ET) -- The Federal Reserve Bank of New York on Tuesday asked the the Second Circuit to uphold the dismissal of a suit challenging its handling of the more than $100 billion 2008 American International Group Inc. bailout, arguing it has broad discretion to protect the economy.

A lawyer for the Federal Reserve asked a panel of judges at oral arguments to affirm a ruling that dismissed a suit by Starr International Co., a company controlled by former AIG CEO Maurice “Hank” Greenberg.

Starr, the largest shareholder in...
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