NEW YORK (Reuters) – American International Group Inc has agreed to settle a $274 million lawsuit by a former executive who said the insurer refused to pay him during the financial crisis in 2008.
The settlement came as a trial was due to have begun Tuesday in a federal court in New York, which was expected to reopen the issue of executive pay at AIG. The group was bailed out by the U.S. government in the crisis.
The executive, Kevin Fitzpatrick, was president of an AIG real estate unit until he left the New York-based insurer in 2009.
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