Hank Greenberg and former CFO Howard Smith accept deal
AIG and its former chief executive and chief financial officer, Maurice “Hank” Greenberg and Howard Smith, former, will go to binding arbitration over $1bn of claims filed by shareholders, the FT reports.
Shareholders claim they lost money because AIG restated its financial results during the time Greenberg and Smith led the company.
AIG and Greenberg and Smith may also arbitrate claims relating to other cases.
Five candidates each
Reuters added that the arbitration would begin no later than 15 October 2009 and end by 31 March 2010.
Each will each propose five potential candidates to serve as arbitrator
