NEW YORK--(BUSINESS WIRE)--Jan. 9, 2013--
American International Group, Inc. (NYSE: AIG) today made the following
announcement regarding the demand served on the AIG Board of Directors
related to lawsuits filed by Starr International Company, Inc. (Starr)
contesting certain terms of the U.S. Government’s rescue of AIG in
In accordance with Delaware law and the proceedings before Judges Thomas
C. Wheeler and Paul A. Engelmayer in the lawsuits that Starr has
initiated, the AIG Board has considered Starr’s demand that AIG pursue
the shareholder derivative claims belonging to AIG that Starr has
alleged against the United States of America and the Federal Reserve
Board of New York.
The AIG Board has determined to refuse Starr’s demand in its entirety,
and will neither pursue these claims itself nor permit Starr to pursue
them in AIG’s name.
AIG expects to file with the courts a formal statement detailing the
Board’s determination and the reasons underlying it in the coming weeks.
“In considering and ultimately refusing the demand before us, the Board
of Directors properly and fully executed our fiduciary and legal
obligations to AIG and its shareholders,” said Robert S. “Steve” Miller,
Chairman of the AIG Board of Directors. “America invested in 62,000 AIG
employees, and we kept our promise to rebuild this great company, repay
every dollar America invested in us, and deliver a profit to those who
put their trust in us. To date, AIG has returned $205 billion to
America, including a profit of $22.7 billion. We continue to thank
America for its support.”
American International Group, Inc. (AIG) is a leading international
insurance organization serving customers in more than 130 countries and
jurisdictions. AIG companies serve commercial, institutional, and
individual customers through one of the most extensive worldwide
property-casualty networks of any insurer. In addition, AIG companies
are leading providers of life insurance and retirement services in the
United States. AIG common stock is listed on the New York Stock Exchange
and the Tokyo Stock Exchange.
Additional information about AIG can be found at www.aig.com
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Source: American International Group, Inc.
American International Group, Inc.