AIG Sues IRS Days Before Feds Pony Up $30B More

Law360, New York (March 2, 2009, 12:00 AM EST) -- On Friday, just days prior to receiving additional funds from the Troubled Assets Relief Program, American International Group Inc. sued the Internal Revenue Service, seeking to recover more than $306 million in taxes, penalties and interest payments incurred in 1997.

Meanwhile, on Monday, AIG announced the biggest corporate quarterly loss ever — $61.7 billion — and announced, jointly with federal authorities, a further $30 billion bailout of the world's largest insurance company.

The new $30 billion comes in addition to the $150 billion already handed to...
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