AIG loses $4.3bn battle

A FIRM run by former AIG chief executive Maurice &ldquo;Hank&rdquo; Greenberg did not plunder billions from a retirement fund, a jury ruled yesterday, dashing the bailed-out insurer&rsquo;s chances of collecting $4.3bn (&pound;2.6bn) in damages.<br /><br />AIG took Starr International, a private company run by Greenberg, to court in an effort to recover millions of shares held by Starr and get compensation for stock sold.<br /><br />Yesterday&rsquo;s decision is the latest blow for AIG as it tries to repay $83bn in loans from the federal government.<br /><br />AIG had sought to establish that there was the creation of an oral trust in 1970, entrusting Starr International to use a block of AIG shares acquired in a company restructuring to fund an executive retirement scheme for generations of AIG employees. <br /><br />But the eight- person jury ruled that Starr was not liable on the claim.