American International Group's board of directors has decided against participating in a shareholders lawsuit against the government that contests the terms of the bailout that saved the insurance giant during the financial crisis, the company has announced.
The firm, which held a board meeting today, has come under intense criticism in recent days for considering joining the lawsuit.
"In considering and ultimately refusing the demand before us, the Board of Directors properly and fully executed our fiduciary and legal obligations to AIG and its shareholders," said Robert Miller, chairman of the AIG board of directors. "America invested in 62,000 AIG employees, and we kept our promise to rebuild this great company, repay every dollar America invested in us, and deliver a profit to those who put their trust in us. To date, AIG has returned $205 billion to America, including a profit of $22.7 billion. We continue to thank America for its support."
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