Pension lawyer Boies represents former chief of bailed-out AIG

January 8th, 2013 at 9:39 am by under Nesi's Notes, On the Main Site

David Boies, the New York super-lawyer brought in by Treasurer Gina Raimondo to beef up the state’s defense team in the pension lawsuit, is nothing if not prolific. Ben Protess and Michael J. De La Merced report for The New York Times:

Behind the scenes, the restored insurance company is weighing whether to tell the government agencies that rescued it during the financial crisis: thanks, but you cheated our shareholders.

The board of A.I.G. will meet on Wednesday to consider joining a $25 billion shareholder lawsuit against the government, court records show. …

Maurice R. Greenberg, A.I.G.’s former chief executive, who remains a major investor in the company, filed the lawsuit in 2011 on behalf of fellow shareholders. …

In the case against the government, Mr. Greenberg, through his lead lawyer, David Boies, contends that the bailout plan extracted a “punitive” interest rate of more than 14 percent. The government’s huge stake in the company also diluted the holdings of existing shareholders like Starr, which at the time was A.I.G.’s largest investor.

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One Response to “Pension lawyer Boies represents former chief of bailed-out AIG”

  1. Marlboro Man says:

    Gina’s people.