Former AIG execs settle suit for $115m
December 18, 2008
Former executives of American International Group Inc. agree to pay the Teachers Retirement System of Louisiana $115 million to settle a lawsuit.
The teacher’s group had accused the executives, including former AIG Chief Executive Officer Maurice Greenberg, of paying millions of dollars in hidden commissions and fees to C.V. Starr & Co., the financial services firm where Greenberg is the chairman and chief executive officer.
The teachers claimed AIG could have performed the work C.V. Starr & Co. was paid to do, Business Insurance reported Thursday.
The settlement, approved in a Delaware Chancery Court Wednesday, was reached on the eve of its trial date, Business Journal said.
Source: upi