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Lawsuit against the government over AIG bailout

beneteaubeneteau Member Posts: 8,552 ✭✭✭
edited July 2013 in General Discussion
My wife and I owned AIG common stock so we are included in the lawsuit.

Got a notice yesterday. This will be interesting.

A federal class action lawsuit has been filed against the US government for it's involvement (one of Obama's bailouts) with AIG (American International Group) during the financial crisis. The lawsuit alleges the government illegally exacted and/or took, without just compensation , a 79.9% equity and voting interest in AIG, in violation of the Fifth Amendment of the US Constitution, which requires payment of just compensation when the government takes private property for a public purpose. It, also, alleges the government lacked the authority to take an ownership interest in a private corporation in connection with an emergency loan. It, also, alleges that the government orchestrated a reverse stock split, voted on as Proposal 4 at the annual shareholder meeting, to circumvent the purported right of AIG common shareholders under the Sept. 22, 2008 Credit Agreement, the March 1, 2009 Stock Purchase Agreement, Delaware law and AIG's Charter, to prevent further dilution of their ownership interests in AIG
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