AIG sued for $100 million in bonuses by ex-derivatives staff

October 10, 2016 by KIT CHELLEL

(Bloomberg) — American International Group Inc. was sued by former staff who say they were denied $100 million in bonuses amid public outrage over derivative trades that crippled the insurer and threatened the stability of global financial markets.

Details of the U.K. lawsuit, which was filed in 2014, emerged at a London court hearing Friday. The 23 traders, analysts and managers, who worked at a subsidiary of AIG Financial Products Corp., were denied deferred compensation because of “significant media and political pressure” resulting from the U.S. government’s rescue deal, according to documents their lawyers submitted for the preliminary hearing.

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Originally Posted at LifeHealthPro on October 10, 2016 by KIT CHELLEL.