Thursday, August 13, 2009

AIG in the News

Former AIG chief executive, Maurice "Hank" Greenberg, and five other defendants, have agreed to pay $115 million to settle a shareholder lawsuit, according to a person familiar with the matter.


The development comes days after Greenberg and former AIG chief financial officer Howard Smith reached an agreement to settle accusations by the U.S. Securities and Exchange Commission that they had altered AIG's financial records from 2000 to 2005 to inflate the insurer's earnings.

Source here.