NEW YORK--Aug. 31, 2009--
American International Group, Inc. (AIG), its former Chairman and Chief
Executive Officer Maurice R. Greenberg, and its former Chief Financial
Officer Howard I. Smith jointly announced today that they have agreed on
terms for binding arbitration of various legal disputes between AIG, on
the one hand, and Greenberg and Smith, on the other. The terms of the
arbitration are set forth in a written agreement being made public
today. The parties have concluded that it is preferable to resolve as
many of their disputes as possible in a private setting, and in a more
expeditious and cost-effective manner. The arbitration will commence no
later than October 15, 2009, and will conclude by March 31, 2010.
American International Group, Inc. (AIG), a world leader in insurance
and financial services, is the leading international insurance
organization with operations in more than 130 countries and
jurisdictions. AIG companies serve commercial, institutional and
individual customers through the most extensive worldwide
property-casualty and life insurance networks of any insurer. In
addition, AIG companies are leading providers of retirement services,
financial services and asset management around the world. AIG's common
stock is listed on the New York Stock Exchange, as well as the stock
exchanges in Ireland and Tokyo.
Source: American International Group, Inc.
American International Group, Inc.
Mark Herr, 212-770-3505