AIG 2005 Annual Report Download - page 72
Download and view the complete annual report
Please find page 72 of the 2005 AIG annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62 -
63 -
64 -
65 -
66 -
67 -
68 -
69 -
70 -
71 -
72 -
73 -
74 -
75 -
76 -
77 -
78 -
79 -
80 -
81 -
82 -
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147
-
148
-
149
-
150
-
151
-
152
-
153
-
154
-
155
-
156
-
157
-
158
-
159
-
160
-
161
-
162
-
163
-
164
-
165
-
166
-
167
-
168
-
169
-
170
-
171
-
172
-
173
-
174
-
175
-
176
-
177
-
178
-
179
-
180
-
181
-
182
-
183
-
184
-
185
-
186
-
187
-
188
-
189
-
190
-
191
-
192
-
193
-
194
-
195
-
196
-
197
-
198
-
199
-
200
-
201
-
202
-
203
-
204
-
205
-
206
-
207
-
208
-
209
-
210
 |
 |
September 2005, a shareholder filed suit in Delaware Chancery release those items as well as actual, consequential, punitive
Court seeking documents relating to some of the allegations and exemplary damages. On September 27, 2005, AIG filed its
made in the derivative suits. AIG filed a motion to dismiss in answer to SICO’s complaint denying SICO’s allegations and
October 2005. asserting counter-claims for breach of contract, unjust enrich-
In late 2002, a derivative action was filed in the Delaware ment, conversion and breach of fiduciary duty relating to
Chancery Court in connection with AIG’s transactions with SICO’s breach of its commitment to use its AIG shares for the
certain entities affiliated with Starr and SICO. In May 2005, benefit of AIG and its employees. On October 17, 2005, SICO
the plaintiff filed an amended complaint which adds additional replied to AIG’s counter-claims and additionally sought a
claims premised on allegations relating to insurance brokerage judgment declaring that SICO is neither a control person nor
practices and AIG’s non-traditional insurance products. Plain- an affiliate of AIG for the purposes of Schedule 13D under the
tiffs in that case have agreed to dismiss newly added allegations Exchange Act, and Rule 144 under the Securities Act,
unrelated to transactions with entities affiliated with Starr and respectively. AIG responded to the SICO claims on Novem-
SICO without prejudice to pursuit of these claims in the ber 7, 2005.
separate derivative actions described above. On February 16,
2006, the Delaware Chancery Court entered an order dis- Effect on AIG
missing the litigation with prejudice with respect to AIG’s In the opinion of AIG management, AIG’s ultimate liability
outside directors and dismissing the claims against the remain- for the unresolved matters referred to above is not likely to
ing AIG defendants without prejudice. have a material adverse effect on AIG’s consolidated financial
On July 8, 2005, SICO filed a complaint against AIG in condition, although it is possible that the effect would be
the Southern District of New York. The complaint alleges that material to AIG’s consolidated results of operations for an
AIG is in the possession of items, including artwork, which individual reporting period.
SICO claims it owns, and seeks an order causing AIG to
20 AIG m Form 10-K