Court Certifies Class Action in Takings Case Arising from Government’s Takeover of AIG

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The U.S. Court of Federal Claims recently agreed to certify a class in a takings case, Starr International v. United States.

Starr involves claims by shareholders of American International Group (AIG). Their lawsuit alleges that taking of their property occurred when on September 28, 2008 the Government imposed a Credit Agreement on AIG, which resulted in the Government obtaining a 79.9%-equity interest in the company, and also when it engineered a reverse stock split on June 30, 2009, which denied shareholders a separate vote.

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AIG

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Nancie G. Marzulla, Marzulla Law, LLC | Attorney Advertising

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