Greenberg firm cleared of theft
China Daily | Updated: 2009-07-09 08:01
NEW YORK: A company run by former AIG CEO Maurice "Hank" Greenberg did not plunder billions from a retirement fund, a jury ruled, dashing the bailed-out insurer's chances of collecting $4.3 billion in damages.
American International Group Inc took Starr International Co, a private company run by Greenberg, to court in an effort to recover millions of shares held by Starr and get compensation for stock sold.
Tuesday's decision is the latest blow for AIG as it struggles to repay $83 billion in loans from the federal government.
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