Is This a Class Action Lawsuit?
AIG Class Action Lawsuit dismissed August 2021. No answer from Warren Hersch yet. The New York Times reported in 2021 that AIG was considering filing for bankruptcy to escape the AIG class action lawsuit. They said they would move forward with this, as other banks were seeking similar relief. Yet another lawsuit, however, by an investor who had already lost money at AIG, raises doubts.
According to The New York Times article, “the idea is to move on the AIG matter, leaving the structured settlements and annuities untouched, even as the credit crisis wounds Americans and the stock market take a plunge.” Yet, this is only one story. Other suits have been filed. If true, this means AIG may not be the only company thinking about selling its financial instruments in order to pay its debts.
AIG, together with Bank of America and Wells Fargo, were taken over by Pimco, which was rescued by the Fed in 2021 under the fiscal rescue plan. And Pimco is now one of the world’s largest publicly-held banks. This is a big hit job on AIG. This lawsuit may well be used by other hedge funds and investment firms, possibly taking advantage of the state of the economy and mass filing of lawsuits for stimulus cash. Who knows?
The fact is that many plaintiffs attorneys, who represent class action lawsuit plaintiffs, feel this lawsuit is designed to intimidate AIG into selling its assets. Banks and financial institutions have a lot of money tied up in these kinds of securities. And it is no secret that politicians, whooped it up during the election, promised them easy fixes to the housing industry.
When will enough be enough? Are we witnessing a coordinated orchestrated attempt to intimidate American citizenry and cause them harm through lawsuits, class action litigation and the like? Yes, and that is unfortunate. But if you believe that, as many plaintiff attorneys believe, then perhaps you ought to look at the mess that the structured settlement industry is in and ask yourself, are we moving toward socialism, nationalization of the settlement industry, or moving much too quickly towards a New World Order?
If you have been injured in an accident due to the negligence of a structured settlement broker or a bank, you should contact an experienced personal injury attorney who has experience with these lawsuits. Do not wait to collect your winnings, which could take a lifetime to get your fair settlement. Contact a lawyer as soon as you can and make sure that you do not fall victim to one more lawsuit scare.