Ex AIG Executives Settle Teachers' Retirement Lawsuit for $115 Million

A Delaware court has approved a $115 million payment in favor of the Teachers Retirement System of Louisiana, to settle outstanding allegations made by the Teachers against AIG.

The suit claimed that American International Group (AIG) executives, including ex Chief Officer Maurice Greenberg, paid millions of dollars in hidden commissions and fees to a financial services firm for which Greenberg was the chairman and CEO. The financial services firm, the suit alleged, performed work that the Teachers could have done themselves.