1,000,000 + Attorneys and Legal Staff - Legal employers hire more people on LawCrossing than any other site.
Livedrive Riles UK Customers by Abruptly Terminating Services
Livedrive Riles UK Customers by Abruptly Terminating Services
Bank of America Asks Judge to Throw Out Jury Verdict in Fraud Case
Bank of America Asks Judge to Throw Out Jury Verdict in Fraud Case
Hewlett-Packard Denied Opportunity to Settle with Shareholders
Hewlett-Packard Denied Opportunity to Settle with Shareholders
Man Speared Through Throat By McDonald’s Orange Juice Sues
Man Speared Through Throat By McDonald’s Orange Juice Sues
Job Listings

Shareholders of AIG Do Not Want Settlement Delayed

Lawyers for American International Group Inc shareholders argued that the attorney general for New York should not postpone a $115 million settlement between them and the former chief executive of the insurer. The settlement was agreed upon in 2009 and Eric Schneiderman asked U.S. District Judge Deborah Batts to reject the settlement in August. He said that an error occurred in the math that caused the settlement to be too low. Lawyers for the shareholders said that the error did not cause problems with the payout.

The former CEO of AIG involved in the settlement is Maurice Greenberg and the former Chief Financial Officer is Howard Smith. The companies involved in the case are Greenberg’s C.V. Starr & Co and Starr International Co.

“The court should not put the $115 million Starr settlement at risk so that the New York attorney general can continue to pursue ‘billions’ of dollars from Greenberg and Smith,” the lawyers said in the filing.

What

 job title, keywords

Where

 city, state, zip



Get JD Journal in Your Mail
Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!


The issue in the case stems from a transaction in 2000 with General Re Corp, a segment of Warren Buffet’s Berkshire Hathaway Inc. According to investigators, the transaction permitted AIG to inflate its loss reserves by $500 million without transferring any risk involved.

Schneiderman said that the math error occurred at the hand of John Finnerty, who was hired by the plaintiffs in the case. Jane Nettesheim, an expert used by Schneiderman, said that she calculated $6.56 billion of damages.

Shareholders of AIG Do Not Want Settlement Delayed by

Tagged: , ,

Posted by on September 19, 2012. Filed under Business News. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.

 

 

Job of the Day
Real Estate Associate
USA-TX-Dallas

Our client is a north Dallas law firm who seeks a Real Estate Development Associate.  The ideal candidate will have 2-4 years law firm experience concentrated in representing real estate develope...