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Starr International Co., a company headed by former American International Group CEO Maurice Greenberg, is disputing claims that it is affiliated with ÌìÃÀÍøÕ¾´«Ã½´«Ã½ and therefore should return the 12 percent or $19 billion of ÌìÃÀÍøÕ¾´«Ã½´«Ã½ stock it owns.

Starr’s lawyers earlier this week filed papers in U.S. District Court in Manhattan in support of its claim of independence from ÌìÃÀÍøÕ¾´«Ã½´«Ã½. Last month, ÌìÃÀÍøÕ¾´«Ã½´«Ã½’s lawyers demanded that the shares be returned and accused Starr of breach of contract.

In its filings, Starr acknowledged that it has run two compensation programs for ÌìÃÀÍøÕ¾´«Ã½´«Ã½ executives during the past 30 years but that it had only paid out four percent of its ÌìÃÀÍøÕ¾´«Ã½´«Ã½ stock during that time. Starr denied that it vowed to keep running the programs in the future.

Starr said that recent developments, including Greenberg’s ouster as CEO of ÌìÃÀÍøÕ¾´«Ã½´«Ã½ and ÌìÃÀÍøÕ¾´«Ã½´«Ã½’s own refusal to return certain fine art serve to demonstrate its independence from ÌìÃÀÍøÕ¾´«Ã½´«Ã½. Starr has filed suit to force ÌìÃÀÍøÕ¾´«Ã½´«Ã½ to return the artwork

Topics Claims ÌìÃÀÍøÕ¾´«Ã½´«Ã½