(United States Federal Circuit) - In a suit arising out of a loan from the Federal Reserve Bank of original 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, or 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 directions to dismiss the equity-acquisition claims that seek direct relief is: 1) vacated in fragment where plaintiffs lack standing to pursue the equity-acquisition claims directly, as those claims belong exclusively to AIG; and 2) affirmed in fragment as to the denial of direct relief for the reverse-stock-split claims.
Source: findlaw.com