United States Federal Circuit

In a suit arising out of a loan from the Federal Reserve Bank of New York under which the federal Government acquired a majority stake in American International Group, Inc. (AIG)'s equity, which the Government eventually converted into common stock and sold, brought by an AIG shareholder alleging that the Government's acquisition of AIG equity and subsequent actions relating to a reverse stock split were unlawful, the Claims Court's judgment that the Government committed an illegal exaction and remand with instructions to dismiss the equity-acquisition claims that seek direct relief is: 1) vacated in part where plaintiffs lack standing to pursue the equity-acquisition claims directly, as those claims belong exclusively to AIG; and 2) affirmed in part as to the denial of direct relief for the reverse-stock-split claims.

Appellate Information

• Published 2017/05/09

Judges

• PROST

Court

• United States Federal Circuit

Counsel