American International Group (AIG) has made a $972 repayment on its bailout loan to the United States Treasury in its latest effort to bring down its total debt to the federal government. This most recent repayment has brought the owed amount on the taxpayer-funded bailout from 2008 down to approximately $50 billion. At the peak of the financial crisis, AIG was provided with a bailout of $182 billion by way of the Troubled Asset Relief Program. The insurer also borrowed money from the Federal Reserve, but has repaid all but…
Read MoreTag: AIG payout
Homeowners in Florida share $55 million settlement of tainted Chinese drywall lawsuit
According to court documents, hundreds of homeowners in Florida will now be sharing $55 million from a settlement of a tainted Chinese drywall lawsuit, which accused the global distributor of the product of lying about its safety. Banner Supply Co., as well as its insurers and affiliates will be funding the settlement to the homeowners. According to the attorney for the plaintiff’s spokesperson, the settlement money will be shared among 500 to 800 homes which had received their drywall from the company. The insurance companies involved are Hanover American Insurance…
Read More