June 18, 2009
AIG Seeks to Gain Control of Endowment in Order to Pay Bonuses
American International Group, the beleaguered insurance company, is suing to gain control of roughly $4-billion that is owned by a charitable organization, the Starr International Foundation, so that some or all of the money can be used to pay bonuses to AIG employees.
The company argues that it has a strong claim to the assets, which for three decades were used primarily to pay bonuses to AIG employees, but it may be a tough sell to a jury, given the bad press that AIG has endured
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