American International Group, Inc. (NYSE:AIG)’s board of directors met today to consider taking on the federal government in court over the terms of AIG’s bailout. Former American International Group, Inc. (NYSE:AIG) CEO Hank Greenberg and his current company Starr International, filed the lawsuit saying that the bailout was not fair to shareholders.
Starr International owned 12 percent of AIG before the bailout. Reuters reports that Greenberg claims New York’s Federal Reserve charged “an excessive interest rate” and is now seeking billions in damages. Now AIG’s board of directors is considering whether the company should join the lawsuit.