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AIG, ex-CEO Greenberg settle disputes

AIG and former CEO Maurice "Hank" Greenberg have reached an agreement to bury a long-standing, bitter legal battle.
Former AIG CEO Greenberg testifies on Capitol Hill in Washington
Former American International Group CEO Maurice "Hank" GreenbergKevin Lamarque / REUTERS
/ Source: Reuters

AIG and former chief executive Maurice "Hank" Greenberg have reached an agreement to bury a long-standing, bitter legal battle and the insurer will turn over materials for the former boss to use in writing a memoir, as well as photographs and a Persian carpet.

American International Group Inc. announced details of the settlement in a regulatory filing late on Wednesday. It will reimburse Greenberg and other parties for "reasonable" legal expenses up to $150 million.

The pact also covers companies Greenberg controls — C.V. Starr and Starr International — and AIG's former chief financial officer, Howard Smith.

The parties said in September they were working together to settle numerous outstanding legal disputes, most of which stemmed from Greenberg's departure from AIG in 2005.

Greenberg left the insurer after 38 years amid an investigation of business practices at AIG conducted by then New York attorney general Eliot Spitzer.