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

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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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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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