Key Developments: American International Group Inc (AIG)
44.96USD
21 May 2013
$0.07 (+0.16%)
$45.23
$45.04
$45.40
$44.52
10,859,534
17,194,647
$46.45
$27.18
Latest Key Developments (Source: Significant Developments)
American International Group Inc May Pursue Fraud Case Vs Bofa Over Countrywide-Reuters
Reuters reported that American International Group Inc may pursue a lawsuit accusing Bank of America Corp's Countrywide unit of causing billions of dollars of losses by fraudulently inducing it to buy risky residential mortgage-backed securities. U.S. District Judge Mariana Pfaelzer in Los Angeles on said AIG could pursue claims that Countrywide falsely represented in offering documents that it followed underwriting guidelines, as part of a company-wide culture of abandonment of underwriting standards and wholesale use of 'exceptions. Full Article
American International Group Inc's United Guaranty Corp And Other Mortgage Insurers Settle With U.S. Regulator Over Alleged Kickbacks-Reuters
Reuters reported that four mortgage insurers settled claims from the U.S. consumer watchdog that they paid kickbacks to mortgage lenders in exchange for business. Genworth Financial unit Mortgage Insurance Corp, American International Group Inc's United Guaranty Corp, Radian Group Inc's Radian Guaranty Inc and Mgic Investment Corp's Mortgage Guaranty Insurance Corp agreed to pay $15 million to resolve the allegations, the Consumer Financial Protection Bureau said on Thursday. Full Article
White Mountains Insurance Group Ltd's White Mountains Solutions Holding Company, Inc. Completes American International Group Inc's American Fuji Runoff Acquisition
White Mountains Solutions Holding Company, Inc. (White Mountains Solutions), a wholly owned subsidiary of White Mountains Insurance Group, Ltd. announced that it had completed the acquisition of American Fuji Fire and Marine Insurance Company, a small runoff subsidiary of American International Group following receipt of all regulatory approvals. Full Article
American International Group Inc Announces Exclusive Distribution Relationship With HSBC in Turkey and France
American International Group Inc announced that it has entered into 10-year bancassurance agreements with HSBC Group companies under which AIG will become the exclusive provider of non-life insurance products to HSBC Group customers in Turkey and France, as well as in other countries in Continental Europe as may be agreed. AIG expects to pay a total consideration of approximately $55 million for the exclusive distribution access in Turkey and France, and expects to launch the partnerships in the first half of 2013. Full Article
American International Group Inc Sues NY Fed Over Right To Sue Bank of America Corp, Others-Reuters
Reuters reported that American International Group Inc (AIG) has filed a lawsuit against a vehicle created by the Federal Reserve Bank of New York to help bail out the insurer, in a bid to preserve its right to sue Bank of America Corp and other issuers of mortgage debt that went sour. The complaint filed in the New York State Supreme Court in Manhattan seeks a declaration that AIG has not transferred billions of dollars of 'litigation claims' to Maiden Lane II, including many related to the insurer's $10 billion lawsuit against Bank of America. Maiden Lane II was created in December 2008 to buy residential mortgage-backed securities (RMBS) from AIG and ease liquidity strains. According to the complaint, New York Fed officials in December told Bank of America that Maiden Lane II had, by agreeing to buy the securities, assumed from AIG all litigation claims relating to what it bought. AIG said this included more than $7 billion of damages claims against Bank of America. AIG is not seeking monetary payments in the lawsuit, but wants the court to clarify that the New York-based insurer still has the right to sue issuers of securities in Maiden Lane II. New York Fed spokesman Jack Gutt declined to comment. Bank of America spokesman Lawrence Grayson also declined to comment. The lawsuit is part of the fallout from AIG's $182.3 billion federal bailout that began in September 2008, and which was fully paid off last year. Full Article
American International Group Inc Opts Out Of U.S. Government Lawsuit-Reuters
Reuters reported that American International Group Inc decided not to join a lawsuit against the U.S. government over the terms of the Company's bailout, following two days of fevered backlash from Congress and the public over the prospect. AIG had been weighing whether to join a lawsuit filed by its former chief executive, Hank Greenberg, and his company Starr International, which owned 12 percent of the insurer before its 2008 rescue. Greenberg alleges the rescue was unfair to shareholders, and that the Federal Reserve Bank of New York charged an excessive interest rate on its initial loan. He has sought billions of dollars in damages. AIG said the board carried out its legal and fiduciary duty to consider the possibility of joining Greenberg's suits before making its decision. Full Article
American International Group Inc's Board Meets On Possible Lawsuit Vs US Government As Public Rages-Reuters
Reuters reported that American International Group Inc (AIG) to consider a lawsuit against the U.S. government over the terms of the Company's bailout, a discussion directors defended as their responsibility but one that critics condemned as the height of ingratitude. AIG is weighing whether to join a lawsuit filed by its former chief executive, Hank Greenberg, and his company Starr International, which owned 12% of the insurer before its rescue. The idea AIG might sue the government struck a raw nerve with the public, which took to the Internet to vent its anger at what it views as the Company's audacity. The volume of AIG mentions on Twitter rose more than 50-fold, according to Topsy Analytics. Full Article
American International Group Inc May Join Bailout Lawsuit Against U.S. Government-Reuters
Reuters reported that American International Group Inc (AIG) is considering joining a lawsuit that claims the bailout terms were unfair, drawing angry condemnation from lawmakers. A leading congressional Democrat called criticism of the deal's terms 'utterly ridiculous', and former New York Attorney General Eliot Spitzer, who probed AIG when he was in office, called the prospect of a lawsuit 'insulting to the public'. In a statement late Tuesday, AIG had no choice but to consider the demand from its former Chief Executive, Hank Greenberg, and his holding company Starr International that AIG join his lawsuit. Greenberg has sued for damages over the bailout and wants AIG to join him in challenging the 'exorbitant' terms of the government rescue. Full Article
American International Group Inc Issues Statement on Starr Litigation
American International Group Inc confirmed that the AIG Board of Directors will consider, at a meeting scheduled for January 9, 2013, the demand served on the AIG Board of Directors on September 21, 2012, by Starr International Company, Inc. (“Starr”) as to whether AIG will take over, or allow Starr to continue to pursue, a lawsuit that Starr filed on behalf of itself and other AIG shareholders contesting the Constitutionality of certain terms of the U.S. government’s rescue of AIG in September 2008. Under applicable law, as well as according to certain court rulings, the AIG Board must consider and respond to Starr’s demand, and expects to do so by the end of January 2013. Specifically, in November 2011, Starr filed a lawsuit in the United States Court of Federal Claims and the United States District Court for the Southern District of New York alleging, among other things, that the Government’s 2008 receipt of a 79.9% equity interest in AIG constituted a wrongful “taking” without just compensation, in violation of the United States Constitution. The lawsuit makes claims on a “derivative” basis in the name of AIG and for its benefit, as well as on a “direct” basis on behalf of Starr and other similarly-situated shareholders. Full Article
American International Group Inc May Join Bailout Suit Against U.S. Government-Reuters
Reuters reported that American International Group Inc, rescued by the U.S. government in 2008 with a bailout that ultimately totaled $182 billion, may now join a lawsuit against the government alleging the terms of the deal were unfair. Full Article
AIG may pursue fraud case versus BofA over Countrywide
- American International Group Inc may pursue a lawsuit accusing Bank of America Corp's Countrywide unit of causing billions of dollars of losses by fraudulently inducing it to buy risky residential mortgage-backed securities.
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