Canadians pounce on AIG and its directors
A Canadian law firm is mounting a class action against AIG, claiming it has caused “massive losses to Canadian investors”.
The new move in the AIG saga comes as the troubled US giant prepares to sell off its Taiwanese life insurance operation to raise capital.
Canadian law firm Siskinds wants $C550 million ($694.8 million) from AIG and various current and former directors following the “crippling decline” in the group’s share price.
Lawyer Dimitri Lascaris says Ontario’s investor protection laws allow Canadian investors to “pursue remedies in our own courts against American corporations that fail to respect Canada’s securities laws”.
AIG is also reportedly planning to unload its Taiwan life insurance unit Nan Shan Life. The group had previously wanted to sell a 49% stake, but has reportedly now decided to sell its entire stake for $US2-$2.5 billion ($3.1-3.9 billion).
The new move in the AIG saga comes as the troubled US giant prepares to sell off its Taiwanese life insurance operation to raise capital.
Canadian law firm Siskinds wants $C550 million ($694.8 million) from AIG and various current and former directors following the “crippling decline” in the group’s share price.
Lawyer Dimitri Lascaris says Ontario’s investor protection laws allow Canadian investors to “pursue remedies in our own courts against American corporations that fail to respect Canada’s securities laws”.
AIG is also reportedly planning to unload its Taiwan life insurance unit Nan Shan Life. The group had previously wanted to sell a 49% stake, but has reportedly now decided to sell its entire stake for $US2-$2.5 billion ($3.1-3.9 billion).