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posted: 7/29/2013 1:41 PM

Bernanke to give deposition in AIG bailout lawsuit

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  • A U.S. judge said Monday that Federal Reserve Chairman Ben Bernanke can be questioned in a lawsuit against the government filed by the former head of American International Group Inc. That's because Bernanke has first-hand knowledge of the government's decision to bail out AIG at the height of the financial crisis, the judge said.

      A U.S. judge said Monday that Federal Reserve Chairman Ben Bernanke can be questioned in a lawsuit against the government filed by the former head of American International Group Inc. That's because Bernanke has first-hand knowledge of the government's decision to bail out AIG at the height of the financial crisis, the judge said.
    ASSOCIATED PRESS

 
Associated Press

WASHINGTON -- A U.S. judge has ordered that Federal Reserve Chairman Ben Bernanke can be questioned in a lawsuit against the government filed by the former head of American International Group Inc.

It is rare for a Fed chairman to be deposed in a lawsuit. But Judge Thomas Wheeler of the U.S. Court of Federal Claims said Monday that an exception should be made. That's because Bernanke has first-hand knowledge of the government's decision to bail out AIG at the height of the financial crisis, he said.

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Hank Greenberg, the former AIG CEO, has sued the government over the bailout, claiming its terms were too onerous. AIG has since repaid the $182 billion.

Greenberg's lawyers want Bernanke to be deposed on Aug. 16.

A Fed spokesman said there was no immediate comment.

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