Word: courts
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Opposition to the deal has been escalating, with librarians, academics, consumer advocates and even a few authors urging the federal court to either scuttle the deal or at least amend it. The son and daughter-in-law of author John Steinbeck as well as musician Arlo Guthrie are among the high-profile critics. In May, the federal judge overseeing the matter extended the deadline to Sept. 4 for people to offer comments and for publishers to opt out of the deal...
...federal court hearing is slated...
...That seems to be the multibillion-dollar question in an ongoing court battle that pits Greenberg and his firm Starr International against his former employer AIG. The deeply troubled insurance giant claims Greenberg, through Starr International, improperly gained control of hundreds of millions of shares of AIG stock when he was booted from the company in 2005. (See 25 people to blame for the financial crisis...
...trial that started on June 15 in U.S. District Court in New York, AIG contends that the shares as well as over $4 billion in profits that Starr International has reaped from past AIG stock sales were meant to fund a long-standing deferred-compensation program for AIG employees - a program that Greenberg, 84, halted after his acrimonious ouster from AIG amid an accounting scandal...
...Wells told the court that Greenberg in the past has acknowledged in AIG financial filings, speeches and other documents that the stock was meant to be used to benefit employees. "You stated to the participants that the stock was being preserved for future AIG employees," Wells said to Greenberg. "Was it just a coincidence that you said that again and again?" Wells pointed to a "Statement of Commitment" that Greenberg and other Starr directors signed in 1992 pledging that Starr would maintain its investment in AIG despite "unforeseeable" changes in the future...