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Article: AIG sues Starr International for control of shares; Suit pits insurer against former chief in wrangle over $15 billion.(News)(American International Group Inc. )
- Article from:
- Business Insurance
- Article date:
- October 3, 2005
- Author:
CopyrightCOPYRIGHT 2005 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: RUPAL PAREKH
NEW YORK-American International Group Inc. last week filed a lawsuit seeking to gain control over billions of dollars worth of AIG shares currently held by Starr International Co., a private firm formerly affiliated with AIG that is led by Maurice R. Greenberg, the insurer's former chief executive officer.
AIG filed the suit in a New York federal court, in the form of a counterclaim to a July complaint brought by SICO against AIG. That complaint sought to acquire property allegedly belonging to SICO-including a $15 million art collection-from AIG.
SICO currently controls approximately 12% of outstanding AIG common stock, ...