A Delaware judge has approved a $115 million settlement in a shareholder lawsuit against former executives of insurance giant American International Group.
The settlement approved this week 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.
Was this article valuable?
Here are more articles you may enjoy.
A Super Yacht Armada Came to Miami, Leaving a Marine Graveyard in Its Wake 
Camp Mystic Seeks Bankruptcy to Settle Texas Flood Wrongful Death Claims 
North Carolina Becomes First State to Pass Outright Ban on Litigation Financing 
St. Pete Mayor Accepts $275M Bid to Redevelop Tropicana Field Area for Housing 
