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Lawsuit involving AIG, Starr settled

Business Briefing / COURTS

September 12, 2008|From Times Wire Services

Attorneys for a Louisiana pension fund have reached a $115-million settlement in a shareholder lawsuit against former executives of insurance giant American International Group Inc.

The settlement was reached just days before a trial was to begin in Delaware in the case that challenged commissions that had been paid to C.V. Starr & Co. by the New York-based insurer. C.V. Starr is a privately held affiliate controlled by former AIG Chairman Maurice "Hank" Greenberg and three other AIG directors.

The plaintiffs alleged that AIG could have done the work for which it paid C.V. Starr, and that the commissions were simply a mechanism for Greenberg and other Starr directors to line their pockets.

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