Judge approves settlement in AIG shareholder suit
December 18, 2008
A Chancery Court judge on Wednesday approved a $115 million settlement in a shareholder lawsuit against former executives of insurance company American International Group Inc.
The settlement approved by Vice Chancellor Leo Strine Jr. 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 AIG 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.
The settlement calls for $85.5 million to be paid by insurance carriers, with Starr responsible for $28.25 million, and the remaining $1.25 million to be paid by former AIG Vice Chairman of Insurance Thomas Tizzio.
Read Article: Forbes
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