United States Second Circuit
Starr International Co., Inc. v. Federal Reserve Bank of New York, 12-5022
Dismissal of plaintiff's claims against defendant Federal Reserve Bank of New York for breach of fiduciary duty in its rescue of American International Group, Inc. (AIG) during the fall 2008 financial crisis is affirmed, where the district court correctly concluded that because of the uniquely federal interests at stake in stabilizing the national economy, state fiduciary duty law does not apply to defendant's rescue activities in this case and that it is preempted and replaced by federal common law.
Appellate Information
- Decided 01/29/2014
- Published 01/29/2014
Judges
- WALKER
Court
- United States Second Circuit