Posted January 25, 2013 by Karen Kinsey in World

American International group Inc (NYSE:AIG) Is Against Starr’s Lawsuits As Unlikely To Succeed And Causes Harm

Northern, WI 1/25/2013 (avauncer) - American International group Inc (NYSE:AIG) is against joining lawsuits against government over its 2008 bailout. As the case is unlikely to succeed and is harming the reputation which the insurer is seeking to regain. The board of insurer says the concern was consistent with the media coverage and statements made by elected officials very highly critical for even considering the demand. As the case threatening to destroy much of the good works that AIG and its employees had done in rebuilding the name and AIG.

The insurance broad rejects to join the suit on Jan 09 through unanimous voting filled by former AIG. Chief executive officers of Greenberg starr international company says during 2008 bailout US violated shareholders rights by taking over New York based AIG which raised to $182.3 billion.

Paul cumin, an attorney for AIG’s board at Simpson Thatcher & Barttell LLP estimated starr chances at about 20% in the letter signed by him and Collins J. Seitz. He says that starr claims have low likelihood of success on the merits.

Senators Elizabeth warren and Robert Menendez and Representative Elijah Cumming says suing US would be an insult to tax payer with reference to Greenberg case which required AIG to file against US for making claims on the company behalf. Last year after repaying US bailout CEO Robert Benmosch of AIG is working on regaining the company’s reputation by restoring insurers name to units, providing deals to sponsor US and New Zealand rugby teams and even started running television and newspapers ads to thank tax payers for the rescue. As 92% stake in AIG during the rescue loss owned by US. The insurer plunged 97% in 2008 collapsing housing markets. Advisers say bankruptcy could have stripped the shares of all value and claims that AIG had no choice on the bailout and for less payment of stocks worth by the government.

American International group Inc (NYSE:AIG) is up by 0.38% to a close at $36.60.

Karen Kinsey

Karen Kinsey with a degree in journalism. She ended up going into the education field and has been a teacher for the past six years. Karen Kinsey is a television producer, writer, editor, professor, wife, mother, sister, daughter, friend and longtime, diehard Phillies fan. Karen Kinsey writings have been featured in such mainstream media as The Guardian, USA Today, Global Times, China Daily, Beijing Review, among others.