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.
Chubb Q2 Net Income Down 3.8% on ‘Overly Soft’ Large Account, E&S Property 
Mapfre to Acquire Safety Insurance for $1.54 Billion in Cash Deal 
New Jersey E-Bike Registration, Insurance Requirements Now in Effect 
OpenAI Models Hacked Another Company’s Systems by Mistake 
