Freedom Watch Files Lawsuit Against AIG
March 27, 2009 by Stephen Kersey
Filed under Business
Freedom Watch, a group that claims to be dedicated to keeping America free from crooked business practices, has filed a lawsuit against American International Group. The lawsuit was filed on behalf of the AIG shareholders that have lost approximately $200 billion since 2000.
Claiming that the losses were due to mismanagement, Freedom Watch is going after Edward Liddy, the current CEO of AIG, and three former CEO. Neither Liddy nor the three former AIG CEOs (Robert Willumstand, Martin Sullivan and Maurice Greenberg) have commented on the lawsuit.
This is far from the first time AIG has found itself in legal trouble. After reports came to light that AIG employees received more than $160 million in perks and bonuses after the United States federal government bailed out the company to the tune of nearly $200 billion, a national firestorm of negativity has ensued. Not only have protesters gone to the houses of AIG executives, Congress has attempted to pass legislation to put a 90% tax on money given out after the bailout.
Recently, a number of AIG employees agreed to return their bonus money. However, don’t expect the national anger to subside anytime soon. While this Freedom Watch lawsuit might not have any legs, the American public will make sure that the heat stays on AIG.
Another AIG Protest (Image: Flickr)
Mismanagement at AIG is an understatement! AIG is a multi-headed dragon! My husband was denied medical attention (from AIG) for an injury which led to a 13 year court battle! Not only did their denial of benifits greatly enhance his injury, it has cost THEM hundreds of thousands of dollars to defend! If they’d followed FEDERAL LAW they would have saved a LOT of money!