AIG and its Shareholders Consolidate Lawsuits
American International Group Inc. and AIG shareholders have combined a lawsuit complaint against former chairman Maurice R. Greenberg and former chief financial officer Howard Smith, charging them with breaching fiduciary duties.
The joint complaint, which was filed in Delaware Chancery Court on Friday, was previously issued as two separate complaints AIG and the shareholders. The AIG complaint filed Friday, as well as AIG’s first amended complaint filed in June, names just Messrs. Greenberg and Smith as defendants.
Originally filed in 2002, the shareholder complaint, and now attached to the AIG complaint, names 43 defendants. The defendants named by shareholders continue to include AIG’s auditor, PricewaterhouseCoopers L.L.P.
In a statement by AIG it has decided not to sue PricewaterhouseCoopers “based on the recommendations of a special litigation committee of AIG’s board of directors. AIG continues to have full confidence in the independence of PwC.”
Published on October 2, 2007
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