The Starr Foundation has sued American International Group (AIG), claiming that its CEO, Martin Sullivan, did not properly represent multi-billion dollar losses in the company's portfolio of credit default swaps.The lawsuit, seeking at least $300 million in damages, was filed Wednesday in New York City. According to the suit, the fraud caused the foundation to keep stock in AIG that it otherwise would have sold.
The foundation was formed more than 50 years ago by AIG organizational founder Cornelius Vander Starr.
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