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A Delaware judge has approved a $115 million settlement in a shareholder lawsuit against former executives of insurance giant American International Group.

The settlement approved this week was reached in September, just days before trial was to begin in a 2002 lawsuit challenging hundreds of millions of dollars in commissions paid by ÌìÃÀÍøÕ¾´«Ã½´«Ã½ to C.V. Starr & Co., a privately held affiliate controlled by former ÌìÃÀÍøÕ¾´«Ã½´«Ã½ Chairman Maurice “Hank” Greenberg and other ÌìÃÀÍøÕ¾´«Ã½´«Ã½ directors.

Attorneys representing the Teachers Retirement System of Louisiana alleged that New York-based ÌìÃÀÍøÕ¾´«Ã½´«Ã½ could have done the work for which it paid Starr, and that the commissions were simply a mechanism for Greenberg and other Starr directors to line their pockets.

Topics Lawsuits ÌìÃÀÍøÕ¾´«Ã½´«Ã½