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Benmosche Says AIG Closes Door on Past by Rejecting Suit

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Benmosche Says AIG Closes Door on Past by Rejecting Bailout Suit
American International Group Inc. Chief Executive Officer Robert Benmosche said the insurer is focusing on serving clients rather than engaging in legal disputes over its 2008 bailout. Photographer: SeongJoon Cho/Bloomberg

Jan. 9 (Bloomberg) -- American International Group Inc. Chief Executive Officer Robert Benmosche said the insurer is focusing on serving clients rather than engaging in legal disputes over its 2008 bailout.

“What’s important for this board and for the employees of the company is to close the door on the past and focus on the future and continue to work with our customers,” Benmosche said today in a phone interview.

Board members today voted to reject joining ex-CEO Maurice “Hank” Greenberg in a lawsuit against the U.S. over the $182.3 billion rescue. Greenberg said the government violated shareholders’ rights by taking a 92 percent stake in the insurer and pressed the New York-based company to join the suit.

“It’s something that we felt just didn’t make sense, considering what the probabilities of success would be, and the facts around the case in terms of what happened,” Benmosche said. “We just don’t think this should continue and AIG should not join it. And nor should it be done in AIG’s name.”

To contact the reporter on this story: Zachary Tracer in New York at ztracer1@bloomberg.net

To contact the editor responsible for this story: Dan Kraut at dkraut2@bloomberg.net

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