Having already launched a lawsuit against PwC, the auditors of insurance giant American International Group, Hank Greenberg, the former company CEO, has now launched a legal action against AIG's management.
Greenberg was forced to step down as chief executive in March 2005, over ‘unnecessary and improper’ decisions involved in last year’s multi-billion dollar accounting restatement.
In turn Greenberg is facing a shareholder lawsuit being led by AIG, which is claiming billions of dollars in damages from him.
In his suit Greenberg claims the accounting decisions that were attacked in the restatement were ‘known, recommended, and approved by AIG’s current board and management - as well as by AIG’s internal and external auditors, lawyers and other advisors’
Further reading:
Former AIG finance chief quits board
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