On November 19th, the U.S. District Court dismissed Starr International's claims that the Federal Reserve Bank of New York breached a fiduciary duty owed to Starr during the government's unprecedented rescue of AIG. After summarizing the extraordinary steps taken by the government in general, and the FRBNY in particular, the Court concluded that Starr failed to adequately plead that the FRBNY controlled AIG during the relevant time. Moreover, FRBNY is a federal institution with federal responsibilities. Where imposing state-law duties upon a federal instrumentality would conflict with its federal responsibilities, state law is preempted and is not properly borrowed by federal common law. Starr International Co. v. Federal Reserve Bank of New York.