Ex-AIG bosses repay bonuses

The former head of insurance giant American International Group (AIG), Hank Greenberg, and three other ex-executives have agreed to a $115 million (£65.6 million) settlement of claims that they were overpaid by the firm.

Greenberg's company, CV Starr & Co, gave the men bonuses based on fees from New York-based AIG, according to a Louisiana pension fund that has been suing the firm and the men.

Greenberg, 83, stepped down as AIG's chief executive officer in March 2005 amid accounting probes that led to a $3.4 billion restatement
of profits.

The Teachers' Retirement System of Louisiana claimed that almost half of the $2.2 billion that AIG paid to Starr from 2000 to 2005 represented sham commissions and fees for work that, in some cases, was done by AIG employees.