Davis Polk Emails Undercut the Government's Defense in AIG Case
Ruling in litigation over the 2008 bailout of American International Group, a judge cites formerly privileged emails from Davis Polk & Wardwell lawyers to bolster his criticism of the federal government's actions.
June 29, 2015 at 01:33 AM
3 minute read
There might not have been an undisputed winner after the U.S. Court of Federal Claims issued a mixed ruling in June in the audacious $40 billion shareholder lawsuit brought by Maurice “Hank” Greenberg against the federal government over its 2008 bailout of American International Group Inc. But one thing is certain. Emails from Davis Polk & Wardwell, which advised the U.S. Treasury and the Federal Reserve Bank of New York in the bailout, hurt the government's case.
Judge Thomas Wheeler ruled that the bailout violated the Federal Reserve Act because the government didn't have the authority to take control of AIG, and the terms it set for the bailout were too severe. But he declined to award damages, finding that the company would have been worse off without the bailout.
Greenberg, the former CEO of AIG, and his company Starr International Inc. are represented by name partner David Boies of Boies, Schiller & Flexner and John Gardiner of Skadden, Arps, Slate, Meagher & Flom.
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