A lawyer for American International Group Inc. has told a jury that AIG’s former top executive plundered a company retirement program of billions of dollars because he was angry at being forced out.
Attorney Theodore Wells told a jury in Manhattan Monday that former AIG CEO Maurice “Hank” Greenberg improperly took $4.3 billion in stock from the company in 2005.
Wells spoke during opening statements in a federal civil trial resulting from a lawsuit AIG brought against Starr International Co., a private investment firm run by Greenberg.
The embattled insurer is trying to reclaim the money from Starr it says was wrongly pocketed through stock sales by Greenberg.
Greenberg was ousted in 2005.
