Ted Wells may have delivered the most memorable lines in the AIG-Greenberg trial, but it was David Boies who provided the best arguments. At least according to a federal jury in New York, which needed just a few hours to return a verdict Tuesday afternoon in favor of Hank Greenberg’s Starr International Co. AIG was seeking more than $4 billion in damages. The embattled insurance company claimed that after Greenberg was ousted from AIG in 2005, he caused SICO to take control of shares that were supposed to be held in trust for AIG.
The jury found SICO not liable on AIG’s breach of trust claim and its conversion claim. The case is now in the hands of Manhattan federal district court Judge Jed Rakoff, who will provide his own opinion on the breach of trust claim, which could set aside the jury’s ruling. But according to Bloomberg, he said he would not reconsider the jury’s conclusion on the conversion claim.
