The trial judge presiding over the stock ownership battle between American International Group and Starr International Company said he doubts AIG can prove its case.
During a break with the jury out of the room, U.S. District Court Judge Jed D. Rakoff told AIG attorneys June 22 they would have to present better evidence to substantiate their case against SICO.
AIG, New York, is suing its former privately owned partner SICO over control of AIG stock worth $4.3 billion in 2005.
The insurance conglomerate is also suing SICO for breach of faith for its handling of a deferred compensation program for a select group of executives under the SICO and AIG umbrella. The payments were made with a portion of the profits SICO made from its holdings of AIG stock.
Former AIG chairman and chief executive officer Maurice R. Greenberg was forced out of AIG in 2005 but continued as chairman of SICO and presided over its split from AIG shortly after he left the company.