American International Group and its former chief executive Maurice R. “Hank” Greenberg have agreed to settle all outstanding disagreements, ending a bitter battle that ensued after Mr. Greenberg left the company in 2005 following an accounting scandal.
In a statement released late on Thanksgiving eve after the close of trading, New York-based insurer AIG, Mr. Greenberg and former Chief Financial Officer Howard I. Smith mutually agreed to settle all disputes between them and Mr. Greenberg's business entities, including Starr International Company and C.V. Starr & Company.
Under the agreement, the parties will submit to an arbitrator claims by Mr. Greenberg and Mr. Smith for past legal fees and expenses. There is a cap of $150 million under the agreement as to how much AIG might have to pay.
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