Twenty-five mutual funds sued AIG for its "unconscionable bets" that led
to the insurance giant's $85 billion bailout in 2008 and cost
shareholders tens of billions of dollars in lost value.
The Dow 30SM Enhanced Premium & Income Fund and 24 other mutual funds sued American International Group (AIG) and eight of its corporate officers, including former CEO Martin Sullivan, in Federal Court.
The University of California filed a similar lawsuit against the same defendants, in San Francisco Federal Court. All citations in this article are from the Chicago complaint.
"AIG was one of the most distinguished companies in the United States and the world prior to and throughout the relevant period," the 237-page complaint begins.
In 1987, AIG branched into the financial sector, establishing a joint venture called American International Group Financial Products Corp, (AIGFP) which was spun off as a subsidiary in 1993.
http://www.courthousenews.com/2013/08/08/60107.htm
The Dow 30SM Enhanced Premium & Income Fund and 24 other mutual funds sued American International Group (AIG) and eight of its corporate officers, including former CEO Martin Sullivan, in Federal Court.
The University of California filed a similar lawsuit against the same defendants, in San Francisco Federal Court. All citations in this article are from the Chicago complaint.
"AIG was one of the most distinguished companies in the United States and the world prior to and throughout the relevant period," the 237-page complaint begins.
In 1987, AIG branched into the financial sector, establishing a joint venture called American International Group Financial Products Corp, (AIGFP) which was spun off as a subsidiary in 1993.
http://www.courthousenews.com/2013/08/08/60107.htm
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