AIG Works With NY AG To Recover Bonuses

Law360, New York (October 17, 2008, 12:00 AM EDT) -- Beleaguered insurance giant American International Group Inc. has agreed to cooperate with New York State Attorney General Andrew M. Cuomo's probe of the company's exorbitant expenditures, including “golden parachute” compensation packages and lavish outings, that occurred even as it teetered toward bankruptcy.

AIG announced Thursday that it would recover improper bonuses and perks from current and former executives, one day after Cuomo threatened the insurance provider with legal action on fraudulent conveyance grounds if its board of directors did not stop, review, rescind and then recover...
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