Court of Federal Claims Refuses to Dismiss TARP Taking and Illegal Exaction Claims

more+
less-

Starr International, formerly one of the largest shareholders in financial services giant AIG, sued for taking and illegal exaction resulting from the Government’s bailout of American International Group, Inc. (AIG). Starr’s lawsuit in the U.S. Court of Federal Claims alleges that the Government’s actions during the bailout—acquiring control of AIG and then orchestrating a “backdoor bailout” of AIG’s business partners using AIG’s assets—amounted to a taking violating the Fifth Amendment’s Just Compensation Clause and an illegal exaction violating the Fifth Amendment’s Due Process Clause. Starr brought shareholder derivative claims for AIG and direct claims for Starr and two classes of AIG shareholders.

LOADING PDF: If there are any problems, click here to download the file.

Written by:

Published In:

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

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »

All the intelligence you need, in one easy email:

Great! Your first step to building an email digest of JD Supra authors and topics. Log in with LinkedIn so we can start sending your digest...

Sign up for your custom alerts now, using LinkedIn ›

* With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name.
×
Loading...
×