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Article: AIG battling Greenberg over shares held by SICO; $20B of stock misappropriated, suit charges.(News)(American International Group Inc.)
- Article from:
- Business Insurance
- Article date:
- March 31, 2008
- Author:
CopyrightCOPYRIGHT 2008 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: JEFF CASALE
NEW YORK-American International Group Inc. has fired another salvo in the three-year legal battle with former Chairman and Chief Executive Officer Maurice R. Greenberg, accusing him and six other former company officials of misappropriating $20 billion in company stock.
New York-based AIG filed the suit last week in the New York Supreme Court in Manhattan claiming that Mr. Greenberg and officials at Starr International Co.-Howard Smith, Edward Matthews, Ernest Stempel, L. Michael Murphy, John Roberts and Houghton Freeman-breached their fiduciary duty by seizing the block of AIG stock in 2005 that was meant to protect the insurer from ...