http://www.directorship.com Boardroom Intelligence Tue, 07 Feb 2012 17:50:30 +0000 en hourly 1 http://wordpress.org/?v=3.0.1 http://www.directorship.com/former-aig-directors-dismiss-shareholder-accusations/ http://www.directorship.com/former-aig-directors-dismiss-shareholder-accusations/#comments Thu, 27 Aug 2009 17:07:18 +0000 News Editor http://www.directorship.com/?p=8829 AIG shareholders filed a complaint against former AIG directors accusing them of ignoring warnings of catastrophic losses in the company’s financial services unit due to risky credit default swaps. The plaintiffs claim the board overstated the AIG’s financial health and authorized stock buybacks at inflated prices. Plaintiffs include the Louisiana Municipal Police Employees’ Retirement System and former AIG executive Robert Willumstad. The sixteen former directors are asking the federal judge to dismiss the case. Their lawyers described the plaintiffs’ argument as “absurd on its face” and “schizophrenic.” Reuters reported that the shareholders are seeking restitution and “extraordinary” equitable relief as appropriate.

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