AIG, US Say Starr Lacks Standing In $56B Suit Over Bailout

Law360, New York (April 8, 2013, 4:08 PM EDT) -- American International Group Inc. and the U.S. on Friday asked a federal judge to dismiss claims from Starr International Co.’s $55.5 billion shareholder suit against the U.S. government over AIG’s bailout, arguing Starr lacks standing as it can’t show that AIG’s board wrongfully rejected its demand to prosecute the action.

In seeking to toss the derivative claims from Starr’s suit, AIG contends that Starr — a company led by former AIG CEO Hank Greenberg, and the insurer's largest shareholder at the time of the bailout — ...
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