VERDICTS & SETTLEMENTS

The National Law Journal

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BUSINESS LAW

CHALLENGE TO FED'S AIG BAILOUT IS REJECTED

NEW YORK — A federal judge in Manhattan has dismissed a $25 billion lawsuit filed by Starr International, an insurance company run by former American Inter-national Group chief executive officer Maurice "Hank" Greenberg, against the Federal Reserve Bank of New York over its 2008 bailout of AIG. Southern District Judge Paul Engelmayer rejected Starr's arguments that the bailout was an illegal takeover of multinational insurance company AIG and a "backdoor bailout" for other financial firms that did business with it.

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