Maurice “Hank” Greenberg’s Starr international Co. and the
U.S. filed a 2nd set of publish-trial papers in a lawsuit over the phrases of
the government’s bailout of yankee worldwide organization Inc., placing the
level for subsequent month’s closing arguments.
Starr’s legal professional, David Boies, in a quick filed
Monday, repeated arguments from remaining fall’s trial that AIG stockholders
have been cheated by means of onerous terms of a government loan wearing an
hobby fee of 14 percent and a call for for 80 percent of the stock. Starr sued
the U.S. in 2011 in united statesCourt of Federal Claims in Washington.
The authorities sought to “punish” the insurer thru the
conditions of the 2008 bailout, Boies wrote.
within the U.S. submitting, Justice branch lawyers wrote
that the Federal Reserve acted within its authority while it sought equity in
AIG as a condition for an $85 billion rescue loan.
“AIG acted voluntarily and with out duress” in accepting the
fairness call for, according to U.S. filings this week. The government “did not
act wrongfully or coercively” when the Federal Reserve bank of recent York
presented AIG the mortgage on a take- it-or-leave-it basis.
If the big apple-based AIG rejected the loan, it “might have
faced no negative motion from the government in any respect, and might have
been unfastened to pursue financial disaster,” Justice department lawyers said
inside the submitting.
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