AIG, Former Brass To Enter Arbitration Pact

Law360, New York (August 31, 2009, 7:10 PM EDT) -- American International Group Inc. has agreed to patch things up with its former CEO Maurice “Hank” Greenberg and former Chief Financial Officer Howard Smith, opting to enter binding arbitration to resolve numerous claims against the duo.

AIG, Greenberg and Smith established the terms for binding arbitration of AIG’s claims against the executives in two consolidated derivative actions in Delaware and New York, respectively, putting to rest AIG’s allegations that the executives are liable for leading the company awry.

In addition to resolving AIG’s claims against Greenberg...
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