Alison Frankel: Who owns AIG's MBS fraud claims? Billions ride on the answer

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Alison Frankel: Who owns AIG’s MBS fraud claims? Billions ride on the answer

Alison Frankel: Who owns AIG’s MBS fraud claims? Billions ride on the answer

Reuters-

Amid the furor last week over whether AIG would thumb its nose at its federal rescuers and join former chairman Hank Greenberg’s $25 billion constitutional case against the United States, a curious side deal by AIG and Greenberg’s Starr International was mostly overlooked. Last year, as government lawyers prepared motions to dismiss Starr’s suits against both the United States and the Federal Reserve Bank of New York, AIG signed an agreement with Starr that kept the insurer out of the fray — even though one of the most powerful defenses against the claims Starr was asserting on behalf of AIG was that Greenberg’s lawyers had served the requisite presuit demand on the corporation’s board.

[REUTERS ON THE CASE]

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