Southern District Judge Jed S. Rakoff concluded that an alleged oral contract by Starr International Company Inc. (SICO) to hold in trust AIG stock for AIG's benefit was unenforceable. "'Put it in writing' is the law's way of saying 'get serious,'" the judge wrote in a 59-page opinion issued yesterday. While AIG sought to enforce an obligation that could have cost SICO as much as $4.3 billion, Judge Rakoff said "the law will not recognize such an oral trust unless the evidence of its creation is unequivocal." This, he said, "is a burden that AIG has not come close to shouldering."
September 01, 2009 at 12:00 AM
1 minute read
A federal judge has agreed with a jury’s advisory verdict that a private investment firm headed by former American International Group Chairman and CEO Maurice “Hank” Greenberg did not commit a breach of trust against the insurance giant.
Southern District Judge Jed S. Rakoff said an alleged oral contract by Starr International Company Inc. (SICO) to hold in trust AIG stock for AIG’s benefit was unenforceable.
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