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After its board of directors heard presentations from both sides Wednesday, AIG said it "has determined to refuse Starr's demand (to join the lawsuits) in its entirety, and will neither pursue these claims itself nor permit Starr to pursue them in AIG's name."
"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 AIG Chairman Robert Miller. "To date, AIG has returned $205 billion to America, including a profit of $22.7 billion. We continue to thank America for its support."
But David Boies, Starr International's lead attorney in the lawsuits, voiced regret over the AIG board's decision and said the cases would continue.
"We continue to believe that the attempt by the AIG board to prevent Starr International from pursuing claims on behalf of AIG shareholders is contrary to the shareholders' interests," Boies said. "Whether or not the AIG board will be successful in blocking Starr's efforts to recover damages for their shareholders will ultimately be decided by the court."
The U.S. District Court in Manhattan in November dismissed the case filed there, but Starr International has filed a notice of appeal to that ruling. The U.S. Court of Claims in July denied government motions to dismiss the action filed there.