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Joe Stocks

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Joe Stocks

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Wednesday, 08/27/2014 8:58:16 AM

Wednesday, August 27, 2014 8:58:16 AM

Post# of 17746
Federal judge rejects U.S. bid to dismiss AIG lawsuit

Federal judge Thomas Wheeler has turned down a U.S. bid to dismiss a more than $25B lawsuit filed by former CEO of AIG (NYSE:AIG) Maurice "Hank" Greenberg.
The government's bailout in 2008 took an initial 79.9% stake in AIG and conducted a reverse stock split, diluting existing shareholders. Starr had been AIG's largest shareholder with a 12% stake.
Greenberg's Starr International sued in 2011, stating that the $182.3B bailout of AIG was an illegal taking and violated its due process rights.

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