Ohio Attorney General Jim Petro has sued former American International Group boss Maurice Greenberg and his wife, Corinne, to rescind the transfer of millions of Mr. Greenberg's AIG shares to his spouse just days before he stepped down as the carrier's chief executive.

The stock transfer, which was described as Mr. Greenberg's "gift" to his wife, consisted of 41 million shares of AIG common stock, worth more than $2.6 billion. The transaction took place just two days before Mr. Greenberg relinquished his role as AIG's chief executive in March in the face of regulatory probes into alleged accounting irregularities.

The demand by Mr. Petro is related to the class-action suit which the attorney general is already prosecuting on behalf of the Ohio Public Employees Retirement System, the State Teachers Retirement System of Ohio, and the Ohio Police and Fire Pension Fund and AIG investors. It was filed in the U.S. Federal Court for the Southern District of New York, in New York City.

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.