Accuses former chairman and ex-CFO of improper accounting moves
American International Group Inc. (AIG) has sued former chairman Maurice "Hank" Greenberg and ex-chief financial officer Howard Smith for more than $1bn (£505m).
According to reports, the AIG suit accused Greenberg and Smith, of improper moves, which resulted in:
• The financial restatement.
• An expensive internal investigation.
• Payment of $800m to settle a Securities and Exchange Commission civil action.
• $25m to resolve U.S. Department of Justice claims.
• $100m to settle claims by New York authorities.
The suit was originally filed in Delaware.
