AIG sues Greenberg and Six Ex-Directors

Posted by Plus Master at 11:03 AM
 

American International Group Inc (NYSE:AIG - News), the world's largest insurer, has filed a complaint in New York Supreme Court against former Chief Executive Maurice "Hank" Greenberg and six other former directors and officers, accusing them of breaching their fiduciary duty.

In the complaint, filed on Wednesday, AIG alleges Greenberg, former Chief Financial Officer Howard Smith and five others breached their fiduciary duty through "misappropriation of a special block of AIG shares worth approximately $20 billion in 2005."

Read the full story here on the Yahoo! Finance website.

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