Ex-AIG Heads To Pay $115M To Settle With Ohio AG

Law360, New York (August 14, 2009, 3:02 PM EDT) -- Ohio Attorney General Richard Cordray has announced a $115 million settlement agreement with a group of former American International Group Inc. chiefs accused of bid-rigging.

Former AIG CEO Maurice “Hank” Greenberg and former CFO and CAO Howard Smith were among several defendants in a suit brought by leaders of three Ohio retirement funds who claimed the company engaged in bid-rigging, price-fixing and other anti-competitive practices between 1999 and 2005.

The lead plaintiffs, the Ohio Public Employee Retirement System, State Teachers Retirement System of Ohio and the...
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