Tags: aig

Judge Approves Settlement in AIG Shareholder Suit

Wednesday, 17 Dec 2008 03:37 PM


WILMINGTON, Del. - A Delaware judge has approved a $115 million settlement in a shareholder lawsuit against former executives of insurance giant AIG.

The settlement approved Wednesday was reached in September, just days before trial was to begin in a 2002 lawsuit challenging hundreds of millions of dollars in commissions paid by American International Group Inc. to C.V. Starr & Co., a privately held affiliate controlled by former AIG Chairman Maurice "Hank" Greenberg and other AIG directors.

Attorneys representing the Teachers Retirement System of Louisiana alleged that New York-based AIG could have done the work for which it paid Starr, and that the commissions were simply a mechanism for Greenberg and other Starr directors to line their pockets.


© 2015 Newsmax. All rights reserved.

1Like our page
2Share
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved