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Court rules 2008 AIG takeover illegal but awards no damages

A US court ruled Monday that the government takeover of insurer AIG during the financial crisis was illegal, but refused to grant billions of dollars in damages to AIG founder Hank GreenbergA US court ruled Monday that the government’s takeover of insurer AIG was illegal, in a rebuke to the Federal Reserve and Treasury’s dramatic actions in 2008, which they argued saved the financial system. In a case that amounted to a challenge to one of the most momentous decisions at the height of the financial crisis, Washington Court of Claims judge Thomas Wheeler said that the Fed’s New York branch had had no authority to wrest control of the failing American International Group from shareholders.

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