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Ex-AIG CEO Greenberg wins temporary delay in NY fraud case

By Karen Freifeld NEW YORK (Reuters) - Former American International Group <AIG.N> Chief Executive Maurice "Hank" Greenberg on Thursday won a short reprieve from New York's case accusing him of orchestrating sham transactions at AIG. State appeals court Associate Justice David Friedman granted Greenberg's request to halt pre-trial proceedings in the case until a panel of the court can consider his request.

Wynne defends bonuses for executives organizing 2015 Pan Am Games in Toronto

TORONTO - Premier Kathleen Wynne is defending a $7-million bonus package for 64 executives organizing the Toronto 2015 Pan Am Games, saying it was necessary to avoid losing key personnel ahead of the event. "We may think it's out of whack in terms of comparing it with other endeavours," she said Monday. "But the reality is we were competing for multi-sport games with other jurisdictions around the Americas, and that's the structure we put in place in order to be able to compete and draw the Games here.

Liberals defending $7M in bonuses for Pan Am execs if games on budget

TORONTO - Ontario's opposition parties expressed outrage Friday after learning of a $7-million bonus package for executives with the Toronto 2015 Pan Am Games committee, including a $780,000 pay out for CEO Ian Troop. "I think it's just absurd and an insult to the taxpayer to have a 200 per cent completion bonus," said Progressive Conservative Pan Am critic Rod Jackson. Troop, who was paid a base salary of $390,000 last year plus an $87,000 bonus, will be eligible for a $780,000 bonus if the 2015 games come in on budget and on time.

AIG CEO apologizes for comments equating bonus criticism and lynching

NEW YORK (Reuters) - The head of insurer American International Group <AIG.N> apologized for a "poor choice of words" on Tuesday after coming under fire for equating criticism of banker bonuses with the lynching of African-Americans in the Deep South.

Regulators insist Prudential is 'systemically important,' reject its protest over scrutiny

NEW YORK, N.Y. - Prudential Financial has lost its appeal to shed greater government oversight, after regulators made a final decision that the insurer is one of a group of financial companies so big that they could threaten the financial system if they were to fail.

U.S. judge approves $72 million settlement with Berkshire's Gen Re

By Nate Raymond NEW YORK (Reuters) - A U.S. judge on Tuesday approved a $72 million settlement to resolve shareholder claims that Berkshire Hathaway Inc's <BRKa.N> General Re Corp engaged in a sham deal that helped inflate American International Group Inc's <AIG.N> reserves. Approval of the settlement brings to an end nine years of shareholder litigation surrounding AIG's accounting practices and brings the total of approved settlements to more than $1 billion.

Stock funds worldwide have $11.4 billion outflow in week: Bank of America

NEW YORK (Reuters) - Investors pulled $11.4 billion out of stock funds worldwide in the latest week, marking the third straight week of outflows despite a rise in U.S. stocks, data from a Bank of America Merrill Lynch Global Research report showed on Friday. But the yanking of money from global bond funds, something that has been a consistent pattern this summer, slowed in the week ended September 4 according to the report, which cited data from fund-tracker EPFR Global.

Insurer American International Group posts higher 2Q profit as net premiums grow

American International Group Inc. says its profit grew 17 per cent in the second quarter as the insurer benefited from higher net premiums, prices and income from investments. The New York-based company also declared a 10-cent quarterly dividend and announced board approval of a share buyback plan of up to $1 billion. AIG said Thursday that net income rose to $2.7 billion, or $1.84 per share, in the three months ended June 30. That compares with net income of $2.33 billion, or $1.33 per share, a year earlier.

AIG investors cheer first capital return since bailout

By Aman Shah (Reuters) - American International Group Inc <AIG.N> announced its first capital return since its 2008 bailout, through a dividend and share buyback, sending its shares up 6 percent after the bell. The insurer, which was almost wiped out by its derivative bets in the crash five years ago, reported a quarterly profit that handily beat Wall Street estimates, along with a quarterly dividend of 10 cents and a share buyback of up to $1 billion.

Business Highlights

___ Hudson's Bay buying Saks for about $2.4 billion NEW YORK (AP) — Luxury retailer Saks Inc. agreed to sell itself to Hudson's Bay Co., the Canadian parent of upscale retailer Lord The deal combines three department-store brands — Hudson's Bay, Lord Lord ___ Omnicom, Publicis to combine into biggest ad firm PARIS (AP) — Omnicom Group Inc. and Publicis Groupe SA say they are combining in a "merger of equals" that will create the world's largest advertising firm, one worth more than $35 billion.
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