AIG Financial Products Corp v Gruber and others
06 Feb 2020
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In one of the last remaining cases from the 2008 crash, the Court of Appeal has dismissed the claims of 23 former employees of AIG Financial Products Corp and other AIG companies for deferred compensation of over $100m.
The claim arose following the $85 billion bailout of AIG Inc by the US Government in September 2008, days after Lehmann Brothers filed for bankruptcy. The claim was principally concerned with the proper construction of a deferred compensation plan governed by Connecticut law, with subsidiary issues governed by Delaware law.
Andrew Hunter QC and Peter Head acted for the successful appellant, AIG Financial Products Corp, instructed by Paul Hastings.
