If an executive retirement plan at a large Group of Insurance and other Companies is described by the person who is also the Group's CEO as a "trust," and that person describes the Group itself as a "beneficiary," is the CEO in law and in equity what he described in fact, a self-described "fiduciary"?
These are apparently the major issues being worked out by a Jury in a Federal Courtroom in New York City. American International Group maintained an executive retirement plan, and the evidence shows that AIG's plan was used "as a potent recruiting tool, " and "was well known in the insurance industry." An unusual feature of AIG's retirement plan was that it was "operated" by Starr International Company rather than by AIG itself. AIG sued its former CEO, Maurice Greenberg, when Mr. Greenberg and other persons allegedly acting on behalf of Starr or others and not AIG, used monies from the plan for purposes which AIG alleged was not the purpose of the plan, in basic terms. See Mary Williams Walsh, "Closing Arguments Made in the A.I.G. Case/Was Money in a Trust or a Private Company?" p. B3, col. 5 (New York Times Nat'l ed., "Business Day" Section, Tuesday, July 7, 2009).
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