AIG Wins U.K. Appeal Against Ex-Staff Over $100 Million Bonuses

(Bloomberg) -- American International Group Inc. won a U.K. appeal that will stop a group of former employees from collecting $100 million in bonuses dating back to the financial crisis.

AIG won over Court of Appeal judges led by Judge Julian Flaux, who overturned a November 2018 ruling that might have paved the way for the 23 former traders, analysts and managers at the London branch of AIG Management France SA and AIG Financial Products to force payment.

The ex-employees are demanding bonuses they say were promised even as the crisis unfurled. The lower court ruled that AIGFP broke its contracts with its staff and that a further trial would assess the size of damages.

©2020 Bloomberg L.P.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.