A federal judge has rejected the United States' bid to dismiss a more than $25bn lawsuit filed by Maurice 'Hank' Greenberg, the former chief executive of American International Group Inc, over the insurer's government bailout, clearing the way for a September 29 trial.
American International Group announced that CEO Bob Benmosche is will resign as of Sept. 1. He will be replaced by Peter Hancock.
A New York state judge declined to delay court approval of Bank of America's $8.5bn settlement with investors in mortgage-backed securities, rejecting a move by American International Group.
American International Group reported quarterly earnings and revenue that easily beat analysts' expectations on Thursday and announced it will cut its workforce by 3 percent because of a charge taken in the fourth quarter.
The CEO of bailed-out insurance giant American International Group has backed away from inflammatory comments in which he compared the public anger over bonuses to the lynching of African Americans in the Deep South.
American International Group (AIG), the first non-bank to disclose it’s under consideration to be labeled a potential risk to the financial system, said it won’t contest such a designation, which could lead to tighter capital rules.
Billionaire investor George Soros and Och-Ziff Capital Management, the hedge-fund firm with $31.8bn under management, added stakes in American International Group in the third quarter before superstorm Sandy devastated the Eastern U.S.