Grant & Eisenhofer obtained a $115 million settlement as lead counsel against former AIG executives for self-dealing and fiduciary breaches
Plaintiff(s):
Teachers’ Retirement System of Louisiana, on behalf of American International Group, Inc. shareholders
Case type / claims:
Shareholder derivative action alleging that former AIG executives breached their fiduciary duties by authorizing hundreds of millions of dollars in commissions to C.V. Starr & Co., a privately held affiliate controlled by former AIG Chairman Maurice “Hank” Greenberg and other AIG directors. Plaintiffs claimed the payments were improper self-dealing designed to enrich insiders at shareholders’ expense.
Defendant(s):
Former executives and directors of American International Group, Inc. (AIG), including former Chairman Maurice “Hank” Greenberg
Jurisdiction:
Delaware Court of Chancery
Year:
2008
Outcome:
- Obtained a $115 million settlement — one of the largest derivative settlements in Delaware Chancery Court history.
- Landmark result that underscored the role of shareholder litigation in uncovering and remedying executive misconduct.
