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WILMINGTON, Del.--A Delaware judge has ruled that American International Group Inc. chief Martin J. Sullivan cannot be sued by his predecessor, former AIG Chairman and Chief Executive Officer Maurice R. Greenberg, in a complex dispute related to AIG's former relationship with C.V. Starr & Co., according to media reports.
The suit by Mr. Greenberg--who departed from New York-based AIG in March 2005 and now serves as chairman and CEO of C.V. Starr--stems from a 2002 shareholder derivative suit filed by the Teachers Retirement System of Louisiana, which charged that AIG officials improperly benefited from millions of dollars of commissions paid to entities controlled by Mr. Greenberg through C.V. Starr. C.V. Starr, a former affiliate of AIG that produced business for the New York-based insurer for years, separated from AIG in the wake of Mr. Greenberg's departure.
Mr. Greenberg and two other former AIG executives that are defendants in the case argued that current AIG CEO Mr. Sullivan and other executives were more instrumental in determining Starr's commissions and were more to blame for the alleged wrongdoing, wire reports said.
The ruling Wednesday by Vice Chancellor Leo Strine of the Delaware Court of Chancery denied Mr. Greenberg's motion to countersue Mr. Sullivan, the reports said. However, the ruling granted C.V. Starr the right to seek possible contributions to any damages won by the plaintiffs from AIG.