Maurice Greenberg, ex-chairman of American International Group, responded to AIG's $1 billion fiduciary misconduct action against him with a countersuit yesterday saying the firm's directors and management made an "unjustifiable" $1.6 billion regulatory settlement.
Mr. Greenberg–who was forced out as AIG chairman and chief executive officer in March 2005–also charged that former and present management and the firm's auditors, PricewaterhouseCoopers, unnecessarily and improperly restated past company earnings.
The former CEO's filing in Delaware Chancery Court was the latest in a swirl of legal action to arise after an investigation by former New York Attorney General (now governor) Eliot Spitzer, which found the company was involved in a bid-rigging scheme as well as sham reinsurance transactions to improve its financial picture.
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