Wilmington, Del. — After six years of litigation with trial scheduled to start September 15, leading shareholder and corporate governance law firm Grant & Eisenhofer, Wilmington, Del., announced it has reached a $115 million settlement on behalf of AIG with the insurer’s former Chairman and CEO Maurice “Hank” Greenberg and three other former AIG executives who were accused of conducting an extended series of transactions expressly engineered to siphon money away from the company and into private affiliates they controlled.
The recovery, which includes a $29.5 million payment from Greenberg and the other defendants, is the largest settlement of a derivative suit in Delaware Court of Chancery, more than doubling a $50 million settlement in a case on behalf of Hollinger International in 2006, according to Grant & Eisenhofer.
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