Tuesday, June 16, 2009 3:52 pm
AIG is trying to get former chief Maurice “Hank” Greenburg to pay back over 4.3 billion dollars in stock that he took when he was fired from the company according to a report in. Yahoo NewsThe money was in AIG’s pension fund, according to the company’s lawyer. Greenburg, who built AIG from a small insurance company to the “too big to fail” company it is today over 35 years, contends that the stock belonged to a separate company, Starr International, and he had the right to take it.
Interestingly, each party has some legal heavyweights on their side. AIG is represented by Scooter Libby’s former counsel, Theodore Wells. Greenburg has David Boies, who argued on behalf of Al Gore before the US Supreme Court in 2000.