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Ex-AIG chief executive Hank Greenberg claims insurance giant cheated him
THE ASSOCIATED PRESS 2009-03-02 20:41:00
NEW YORK - The former chief executive of American International Group has sued the company he led for 38 years.
Maurice "Hank" Greenberg claims in papers filed in federal court in Manhattan on Monday that the New York-based company ruined his fortune by lying about its financial health.
The lawsuit says Greenberg, who served as AIG CEO from 1967 until he retired in March 2005, was the company's largest non-institutional shareholder.
AIG's stock fell to 42 cents Monday, as the government threw a stunning new US$30 billion lifeline to the insurance giant, even as it confirmed it lost more than twice that much, $62 billion, last quarter.
An AIG spokeswoman says the company believes the lawsuit is without merit.
Maurice "Hank" Greenberg claims in papers filed in federal court in Manhattan on Monday that the New York-based company ruined his fortune by lying about its financial health.
The lawsuit says Greenberg, who served as AIG CEO from 1967 until he retired in March 2005, was the company's largest non-institutional shareholder.
AIG's stock fell to 42 cents Monday, as the government threw a stunning new US$30 billion lifeline to the insurance giant, even as it confirmed it lost more than twice that much, $62 billion, last quarter.
An AIG spokeswoman says the company believes the lawsuit is without merit.
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