Federal Judge Agrees AIG Failed to Prove Breach of Trust by Greenberg

, New York Lawyer

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A federal judge has agreed with a jury's advisory verdict that a private investment firm headed by former American International Group Chairman and CEO Maurice "Hank" Greenberg did not commit a breach of trust against the insurance giant. Southern District of New York Judge Jed S. Rakoff said an alleged oral contract by Starr International Co. Inc. to hold in trust AIG stock for AIG's benefit was unenforceable. "'Put it in writing' is the law's way of saying 'get serious,'" Rakoff wrote.

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