UPDATE: The AIG Board of Directors will not spearhead litigation against the government, according to statement released by the company just after 3 p.m. this afternoon. The board also denied Starr International the right to pursue the claims in AIG's name.

“In considering and ultimately refusing the demand before us, the Board of Directors properly and fully executed our fiduciary and legal obligations to AIG and its shareholders,” said Robert Miller, chairman of the AIG Board of Directors. “America invested in 62,000 AIG employees, and we kept our promise to rebuild this great company, repay every dollar America invested in us, and deliver a profit to those who put their trust in us. To date, AIG has returned $205 billion to America, including a profit of $22.7 billion. We continue to thank America for its support.”

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