Tags: Benmosche | AIG | Bailout | Suit

CEO Benmosche: AIG Closes Door on Past by Rejecting Bailout Suit

Thursday, 10 Jan 2013 07:48 AM

 

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American International Group Inc. Chief Executive Officer Robert Benmosche said the insurer is focusing on serving clients rather than engaging in legal disputes over its 2008 bailout.

“What’s important for this board and for the employees of the company is to close the door on the past and focus on the future and continue to work with our customers,” Benmosche said in a phone interview.

Board members Wednesday voted to reject joining ex-CEO Maurice “Hank” Greenberg in a lawsuit against the U.S. over the $182.3 billion rescue.

Greenberg said the government violated shareholders’ rights by taking a 92 percent stake in the insurer and pressed the New York-based company to join the suit.

“It’s something that we felt just didn’t make sense, considering what the probabilities of success would be, and the facts around the case in terms of what happened,” Benmosche said.

“We just don’t think this should continue and AIG should not join it. And nor should it be done in AIG’s name.”

© Copyright 2014 Bloomberg News. All rights reserved.

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