A federal appeals court on Tuesday said the U.S. government did not commit an “illegal exaction” harming American International Group Inc (AIG.N) shareholders led by former Chief Executive Maurice “Hank” Greenberg when it bailed out the insurer in 2008.
The Federal Circuit Court of Appeals in Washington, D.C. also said Greenberg’s Starr International Co did not have legal standing to pursue claims over the government’s acquisition of AIG stock, because those claims belonged exclusively to AIG.
Tuesday’s decision vacated part of a lower court ruling that the U.S. Federal Reserve exceeded its authority in engineering the buyout. No damages had been awarded in that ruling.
(Reporting by Jonathan Stempel in New York)
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