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.
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