Ex-AIG Execs Fight Challenge To $108M Unpaid Bonus Ruling
Law360, London (November 26, 2019, 5:25 PM GMT) -- AIG's financial products unit can’t categorize the costs connected to a bailout loan incurred in the wake of the financial crisis as a loss in order to deprive employees of entitled deferred bonus pay, counsel for a group of 23 former AIG executives argued to an appeals court Tuesday.
Daniel Oudkerk of Essex Court Chambers, representing the former executives, urged the court to dismiss the appeal brought by AIG Financial Products Corp. A lower court judge rightly concluded that the type of qualifying losses for reducing the employees’ bonuses was limited to those linked to transactions from AIG FP’s financial instrument...
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