American International Group Inc. investors should be able to sue companies that conspired with some of the insurer’s top executives to manipulate its finances, a lawyer told Delaware Supreme Court justices today.
Four former General Reinsurance Corp. executives and one at American International Group Inc. are in talks with prosecutors to resolve criminal charges that they defrauded investors, according to a court filing.
Berkshire Hathaway Inc.’s General Re and a unit of White Mountains Insurance Group Ltd. will each get about $40 million of stock in life insurer Symetra Financial Corp. in a deal to retire warrants granted in 2004.
Warren Buffett, who has warned about the dangers of unregulated derivatives, said a Senate plan to add oversight of the contracts probably won’t require his Berkshire Hathaway Inc. to put up collateral.
Berkshire Hathaway Inc.’s Franklin “Tad” Montross faulted Wall Street and private-equity firms for creating rival sellers of reinsurance that he said may not have the backing of their founders in three to five years.