AIG, one of the worlds largest insurance companies, and one deeply involved in the settlement industry, agreed today to settle all charges against it for $1.64 billion. The settlement is being split evenly between the SEC, US Justice Department and the State of NY.
This is the culmination of the series of events that led to the over throw and removal of AIG's legendary CEO Hank Greenberg. While this settles the regulatory and potential civil actions, the battle between Mr. Greenberg and NY State Attorney General Elliot Spitzer is just heating up. As i've said before, there is no way Hank Greenberg goes down with out a fight on this, and all this does is clear the decks for the corporation that tossed him under the bus when the investigation was first uncovered.
Fascinating reading for settlement professionals and attorneys.