New York — American International Group Inc. (AIG) has agreed to spending limits and established a governance committee after a meeting with New York Attorney General Andrew Cuomo.

In what the parties termed “a candid discussion” Cuomo met with Edward Liddy, the new chairman and CEO of AIG one day after Cuomo informed the insurer that it must recover improper bonuses and other payments and perks from its former executives or Cuomo would do so pursuant to New York law.

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