Robert Willumsted and others demand case be thrown out

Former AIG CEO Robert Willumstad and 15 other former “outside directors” asked a federal judge in Manhattan to dismiss a D&O lawsuit from the Louisiana Municipal Police Employees' Retirement System pension fund, Reuters reports.

The claim is that the directors ignored warnings about the company’s finances.

"As a matter of settled law in this court and pure logic, the outside director defendants cannot have relied on their own alleged misstatements," lawyers for the accused said.

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