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American International Group Inc

BUSINESS
February 17, 2006 | From Bloomberg News
A judge limited a $1-billion lawsuit against executives of American International Group Inc., the world's largest insurer, to three defendants, including former Chief Executive Maurice "Hank" Greenberg. Delaware Chancery Court Judge Leo Strine Jr. dismissed 10 outside directors from the suit, filed by shareholders led by the Teachers Retirement System of Louisiana. The suit challenges fees paid by New York-based AIG to C.V. Starr & Co., a private insurance firm controlled by Greenberg.
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BUSINESS
January 14, 2006 | From Bloomberg News
American International Group Inc. may be close to a settlement with state and federal regulators to resolve allegations that the insurance giant used accounting tricks to manipulate earnings, investors said Friday. "They have to put all the investigations behind them and stabilize the situation and finalize a settlement," said Nicholas Xie, an analyst at Philadelphia-based PNC Advisors, which held 3.8 million AIG shares at the end of September. "The worst is behind them."
BUSINESS
September 21, 2005 | From Associated Press
American International Group, one of the world's largest insurers, said Tuesday that it expected $1.1 billion in after-tax losses for the third quarter, mainly because of claims from Hurricane Katrina. The estimate from the New York-based firm is among the highest released so far by global insurance and reinsurance firms. Risk assessment firms have estimated that Katrina -- which hit Louisiana, Alabama and Mississippi on Aug. 29 -- could result in insurance claims of $40 billion to $60 billion.
BUSINESS
August 5, 2005 | From Reuters
Lawyers for former American International Group Inc. Chief Executive Maurice "Hank" Greenberg have questioned a decision to cut $2.26 billion from the insurer's net worth and said PricewaterhouseCoopers' role in the insurer's accounting woes should be examined.
BUSINESS
July 6, 2005 | From Bloomberg News
Insurance giant American International Group Inc., under fire for alleged improper accounting, named former Securities and Exchange Commission Chairman Arthur Levitt as a special advisor to its board Tuesday. Levitt, 74, will help AIG choose new board members and advise it on structure and governance issues, the company said in a statement.
BUSINESS
July 5, 2005 | From Bloomberg News
Maurice "Hank" Greenberg, the ousted chief executive of American International Group Inc., may be willing to negotiate with New York Atty. Gen. Eliot Spitzer to settle a fraud lawsuit, one of Greenberg's lawyers said. "If a reasonable resolution could be reached without litigation, that's obviously in everybody's interest," attorney David Boies said in an interview Friday. "I think there will be some serious settlement discussions."
BUSINESS
June 29, 2005 | From Bloomberg News
Maurice "Hank" Greenberg, American International Group Inc.'s former chief executive, will reverse a transaction that transferred his fortune in AIG shares to his wife days before accounting probes forced him to resign, his lawyers said Tuesday. Greenberg and his wife, Corinne, will both own the 41.1 million shares after the transfer is canceled. The transfer, valued at $2.
NATIONAL
June 13, 2005 | T. Christian Miller, Times Staff Writer
Besieged financial services giant American International Group Inc. repeatedly has sought to derail an effort by the Pentagon that could save taxpayers millions of dollars on reconstruction work in war zones like Afghanistan and Iraq. For more than a year, AIG and industry allies have fought an initiative to cut the rates for workers' compensation insurance that U.S. contractors operating overseas are required to carry, according to interviews and documents obtained by the Los Angeles Times.
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