Former American International Group Chief Executive OfficerMaurice "Hank" Greenberg and other former AIG executives areresponsible for $29.5 million as part of a $115 million settlementwith an institutional investor over allegations that AIG divertedbusiness to a company subsidiary, depriving shareholders of thebenefits of those earnings.
An attorney for Mr. Greenberg, Lee Wolosky, said that "to avoidthe costs and uncertainties of trial C.V. Starr & Company Inc.will pay approximately 28 million which is a tiny fraction of the$1 billion to $2 billion plaintiff's sought.
A spokesperson said the settlement monies would be provided byC.V. Starr not Mr. Greenberg.
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