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WILMINGTON, Del.--The bitter legal battle between American International Group Inc. and its former affiliate, C.V. Starr & Co., took another turn Tuesday when C.V. Starr sued AIG, seeking to potentially recover profits AIG realized through its previous business relationship with managing general agency units of C.V. Starr.
The lawsuit was filed in Delaware Chancery Court as a cross-claim to a 2002 shareholder derivative suit brought by the Teachers' Retirement System of Louisiana against both AIG and C.V. Starr. The retirement system contends in its suit that C.V. Starr and certain AIG officials--including ex-AIG Chairman Maurice R. Greenberg, who now heads C.V. Starr--improperly benefited from the millions of dollars in commissions paid to entities controlled by Mr. Greenberg through C.V. Starr of New York.
In January 2006, the Teachers' Retirement System of Louisiana agreed to drop 15 current and former AIG directors and officers from the derivative suit, though the action continued against Mr. Greenberg, former AIG Chief Financial Officer Howard I. Smith, former AIG director Edward E. Matthews and C.V. Starr itself.
C.V. Starr's lawsuit seeks "the hundreds of millions of dollars in profits and benefits realized by AIG as a result of its relationship with Starr" from 2000 to 2005, according to the complaint.
C.V. Starr MGAs produced business for more than 30 years for AIG. The two companies separated following Mr. Greenberg's departure from New York-based AIG in 2005.
Delaware Vice Chancellor Leo E. Stine earlier this month ruled that C.V. Starr could seek contributions from AIG if the retirement system's lawsuit prevailed against C.V. Starr.
AIG could not be immediately reached for comment.