Commercial Court finds for Claimants on US$100 million bonus claim

13 November, 2018

On Friday 9 November 2018 the Commercial Court gave judgment in favour for 23 former employees of AIG on breach of contract claims in relation to monies which were not paid following the 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. Daniel Oudkerk QC acted for the claimants, leading Amy Rogers and Jamie Susskind, instructed by Stephenson Harwood. The Court’s judgment is available here.