|Dallas Securities Lawyer Trey Branham Discusses AIG Suit Controversy|
Originally aired on KLIF-AM (570 AM), Thursday, 10 January 2013
In this interview with KLIF-AM’s Kurt Gilchrist, Dallas securities attorney Trey Branham says the media explosion over AIG considering a lawsuit against the U.S. government that saved it was largely overblown. According to media accounts, former AIG CEO and shareholder Maurice "Hank" Greenberg has sued the government for $25 billion in a derivative case,
claiming the terms of the federal bailout of AIG were too costly, and he's asked AIG's board of directors to join his suit. Says Branham: “The (AIG) board of directors didn’t have any choice but to listen to Mr. Greenberg, because they have an obligation to shareholders to consider claims like this, regardless of whether they decide that the claims are valid or not.” If the board didn’t consider the claims, it could have faced charges of breach of fiduciary duty, Branham says.