The scuffle surrounding a chunk of
The battle began shortly after Greenberg left AIG in 2005. Starr initially sued AIG to regain artwork it claimed to own, but was being held by AIG, which prompted the insurer to counter-sue over control of the stock.
Starr, which had been controlled by AIG during Greenberg’s reign, held the stock in what AIG claimed was a trust primarily designed to fund executive compensation plans, the story says. AIG then asserted that Greenberg engineered a takeover of the Starr board, and violated Starr’s fiduciary responsibility for the trust, whereas Starr maintains that it owns the stock and AIG has no claim to it.
In court documents, AIG said Starr has been using the stock to fund capital acquisitions, establish a charitable foundation and “in the most disloyal act of all … has entered into insurance businesses in competition with AIG.”
