AIG Takes Over $1B Suit Against Former Chairman

Law360, New York (June 14, 2007, 12:00 AM EDT) -- American International Group Inc. has taken the place of shareholders as the plaintiff in a $1 billion consolidated derivative suit filed against its former chairman and chief financial officer over hundreds of millions of dollars the company has had to pay over the executives' alleged mismanagement.

AIG decided Wednesday to become the sole plaintiff in the suit in the Delaware Court of Chancery against former chairman Maurice R. “Hank” Greenberg and CFO Howard I. Smith, who were forced out by AIG following investigations into the company's...
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