NEW YORK – The former chairman and CEO of insurer AIG says he still believes he's entitled to damages as a result of the government's 2008 bailout of the company, and will appeal a court's ruling against him.
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A federal judge gave Maurice Greenberg a partial win Monday when he ruled that the $85 billion government bailout was unfairly punitive. But the judge said the government doesn't have to pay damages to Greenberg and other AIG shareholders. Greenberg says he will appeal that part of the ruling.
Greenberg wants more than $40 billion in damages. He said Tuesday that if the government wasn't allowed to demand equity in AIG as a condition of the bailout, it's also not entitled to the money it received from selling AIG shares later.