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AIG not on the hook for policyholders' Madoff claims: U.S. court
Reuters: Business News
Wed, 15 Aug 2012
NEW YORK (Reuters) - American International Group Inc does not have to cover insurance claims from two former Bernard Madoff clients who sought compensation for their losses under their homeowner's policy, a federal appeals court ruled on Wednesday.
With a low price/book value, the reward for AIG stockholders could be attractive, but the franchise has been weakened, says Davis/Selected American manager Ken Feinberg.