Aig, Financial Institution | featured news

Insurer AIG says it will not join a $25bn (£16bn) lawsuit against the US government, which alleges that the terms of its rescue deal were unfair.

The Treasury Department plans to sell its remaining holdings of common stock in the American International Group, essentially ending taxpayers' four-year ownership of the bailed-out insurer.

Last week, the once-future Treasury secretary and current JPMorgan Chase CEO Jamie Dimon revealed a $2 billion loss. This previously undisclosed derivative trade should be a wake-up call for those claiming that finance has been “reined in” and no longer presents a threat to the global economy.

American International Group Inc is expected to name former Prudential Plc Chief Executive Mark Tucker as head of AIA, as it prepares the Asian life insurance unit for an initial public offering, a source familiar with the matter said on Sunday.