Thursday, June 21, 2007
Last week AIG sued its former CEO Maurice "Hank" Greenberg for $1 billion damages resulting from its regulatory difficulties with the New York Attorney General and the SEC. Yesterday Greenberg filed his own law suit against 16 current and former directors and officers of the company, saying that the company's financial restatement and $1.64 billion settlement were unnecessary. See NYTimes, In Suit, Ex-A.I.G. Chief Says Others Are Liable for Restatement; WSJ, Greenberg Says Directors Are 'Seriously Damaging' AIG.