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February 27, 2014

Bernanke Set to Make Legal First

“Former Federal Reserve Chairman Ben Bernanke will give a deposition Thursday in a lawsuit about the 2008 bailout of American International Group Inc., AIG +0.78% a case that once seemed a long shot but is marching toward a trial date.”

“Mr. Bernanke is one of the last of about 50 witnesses, including former Treasury secretaries Henry Paulson and Timothy Geithner, to provide sworn testimony at the request of the plaintiff, Starr International Co. The suit, filed in 2011 in the U.S. Court of Federal Claims in Washington, D.C., alleges that AIG shareholders weren’t justly compensated when the government took over the company, violating their constitutional rights.”

“Starr is an investment and charitable firm run by former longtime AIG Chief Executive Maurice “Hank” Greenberg, who was AIG’s largest shareholder at the time of the bailout.”

“The suit has withstood the government’s repeated motions to dismiss it. Judge Thomas Wheeler certified it as a class action last year and has set Sept. 29 for the start of the trial.”

“A Justice Department spokeswoman declined to comment.”

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Read full Wall Street Journal article here.

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