A federal judge on Wednesday approved a $115 million settlement between American International Group Inc. shareholders and former CEO Maurice "Hank" Greenberg and other defendants over alleged improper accounting at the insurance giant.
The accord is the latest in a string of settlements to spill out of class-action securities-fraud litigation tied to practices at the insurer dating to 1999. In total, $937.5 million in settlements have been approved with defendants, including AIG.
U.S. District Judge Deborah Batts in Manhattan gave final approval to the pact at a court hearing, calling it "fair, reasonable and adequate."
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