New York City-based American International Group (AIG), former AIG Chairman Maurice (Hank) Greenberg, former AIG Chief Financial Officer Howard Smith, Starr International Company (SICO), and C.V. Starr and Company have entered into an agreement to settle all disputes going back to 2005 between AIG, on the one hand, and Greenberg, Smith, C.V. Starr and SICO, on the other. The parties have agreed to submit claims for past legal fees and expenses (capped at $150 million) to third-party arbitrators. Greenberg has been given access to AIG’s archival materials in order to write his memoirs and has been promised the return of property belonging to him, including a Persian rug and various photographs. AIG CEO Robert Benmosche said, “We are pleased that we have resolved our differences.” Former Chairman Greenberg said, “I look forward to assisting AIG in trying to preserve and restore as much value as possible for all of AIG’s stakeholders.”
Sunday, December 13, 2009
AIG AND HANK GREENBERG AGREE TO SETTLE DIFFERENCES
New York City-based American International Group (AIG), former AIG Chairman Maurice (Hank) Greenberg, former AIG Chief Financial Officer Howard Smith, Starr International Company (SICO), and C.V. Starr and Company have entered into an agreement to settle all disputes going back to 2005 between AIG, on the one hand, and Greenberg, Smith, C.V. Starr and SICO, on the other. The parties have agreed to submit claims for past legal fees and expenses (capped at $150 million) to third-party arbitrators. Greenberg has been given access to AIG’s archival materials in order to write his memoirs and has been promised the return of property belonging to him, including a Persian rug and various photographs. AIG CEO Robert Benmosche said, “We are pleased that we have resolved our differences.” Former Chairman Greenberg said, “I look forward to assisting AIG in trying to preserve and restore as much value as possible for all of AIG’s stakeholders.”
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment