On Friday 9 November 2018 the Commercial Court gave judgment for 23 former employees of AIG’s Financial Products division on breach of contract claims in relation to monies which were not paid following the US government bail-out of AIG in 2008. The contract claims turned principally on the construction of a Connecticut law deferred compensation scheme. The amount subject to claims at trial was c.US$108 million. The Court has given directions for the assessment of damages. The Court also considered issues of alter ego liability and interference with contract under Delaware and Connecticut law, concluding that whilst the relevant decisions were made by AIG Inc in New York, and probably by AIG Inc’s CEO personally, AIG Inc’s conduct was not tortious.
Jamie Susskind acted for the successful employees, led by Daniel Oudkerk QC and Amy Rogers, instructed by Anne Pritam and Kiersten Lucas of Stephenson Harwood LLP. The Court’s judgment is available here (Gruber & Ors v AIG Inc & Ors [2018] EWHC 3030).
