AIG Reaches $150M Derivative Suit Settlement

Law360 (August 27, 2010, 3:30 PM EDT) -- American International Group Inc. has won $150 million in a settlement that ends a long-standing shareholder derivative suit, with former AIG honchos Maurice "Hank" Greenberg and Howard I. Smith receiving $60 million from the total to cover their legal fees and expenses.

AIG itself will receive about $90 million as part of a proposed settlement filed Thursday in the Delaware Chancery Court to resolve the suit against more than 20 current and former AIG officers and directors. AIG's insurance carriers have agreed to fund the entire settlement, a company representative said Friday.

"We are pleased this matter has been satisfactorily resolved,"...

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