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Judge Yvette Palazuelos of state court in Los Angeles ruled today (Oct. 8) that a fraud case against American International Group, the deeply troubled insurance company 80% owned by the federal government, can proceed to a key hearing. In a case management conference, AIG attorneys tried to have the case stymied on technical grounds. Palazuelos said that on December 15 she will hear the plaintiffs' arguments for a preliminary injunction to stop the company's allegedly fraudulent practices, and hear witnesses. "This judge has the courage to give the plaintiffs their day in court [over] AIG's unlawful practices of siphoning money from California insurance policies for the sake of the parent company," says Mia Severson, who is handling the case for San Diego's Aguirre Morris & Severson. "No court has gone this far against AIG." AIG received a massive bailout from the federal government, purportedly because of fears that its huge derivatives losses could bring down the global financial system.
Judge Yvette Palazuelos of state court in Los Angeles ruled today (Oct. 8) that a fraud case against American International Group, the deeply troubled insurance company 80% owned by the federal government, can proceed to a key hearing. In a case management conference, AIG attorneys tried to have the case stymied on technical grounds. Palazuelos said that on December 15 she will hear the plaintiffs' arguments for a preliminary injunction to stop the company's allegedly fraudulent practices, and hear witnesses. "This judge has the courage to give the plaintiffs their day in court [over] AIG's unlawful practices of siphoning money from California insurance policies for the sake of the parent company," says Mia Severson, who is handling the case for San Diego's Aguirre Morris & Severson. "No court has gone this far against AIG." AIG received a massive bailout from the federal government, purportedly because of fears that its huge derivatives losses could bring down the global financial system.