Shareholder Seeks Damages Over AIG Bailout

Law360, New York (November 5, 2008, 12:00 AM EST) -- A shareholder hit American International Group Inc. with a proposed class action Tuesday, alleging that the troubled insurance giant illegally failed to give stockholders a say in the $85 billion bailout that handed the U.S. government a nearly 80 percent interest in the company.

Wilma Walker filed suit in the Delaware Chancery Court and accused AIG and 11 of its executives, including the company's board of directors and Chairman and CEO Edward M. Liddy, of "cramm[ing] down" the agreement on shareholders "in violation of basic principles...
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