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Bailed-out AIG sues US government for $30M
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07/07/12 11:04 AM ET
American International Group (A.I.G), the recipient of the largest federal bailout ever, is suing the U.S. for a tax overpayment, according to media reports.
The insurance giant, which collapsed during the 2008 financial crisis, says it is owed $30.2 million in interest after overpaying its taxes in 1991.
A.I.G. also says it didn’t pay enough taxes in 1997, 1998 and 1999, and that the $30 million figure takes both the over and underpayments into account.
According to Bloomberg, A.I.G. says its appeal for a refund has been before the IRS since 2007, and a lawyer for the company said it filed suit in federal claims court in Washington because the statute of limitations on the claim was set to run out.
A.I.G. initially received $85 billion in bailout money, a sum that eventually swelled to $182 billion. The federal government also still holds a healthy majority of the company’s shares.
The insurance giant, which collapsed during the 2008 financial crisis, says it is owed $30.2 million in interest after overpaying its taxes in 1991.
According to Bloomberg, A.I.G. says its appeal for a refund has been before the IRS since 2007, and a lawyer for the company said it filed suit in federal claims court in Washington because the statute of limitations on the claim was set to run out.
A.I.G. initially received $85 billion in bailout money, a sum that eventually swelled to $182 billion. The federal government also still holds a healthy majority of the company’s shares.
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