Legal News

For its GC, AIG Going With (Yet Unidentified) New York Lawyer

By Ashby Jones

All those who’ve paid attention to the saga involving former AIG general counsel Stasia Kelly, we’ve got a bit of news for you: WSJ reporters Joann Lublin and Serena Ng have reported that AIG has offered its general counsel position to, well, we’re not sure yet. But according to a person familiar with the situation, the hire will come from “the New York office of a law firm,” and that AIG officials believe he will sign the offer letter very soon.

Kelly resigned last week for, as she put it, “good reason” because her pay was reduced by administration pay czar Kenneth Feinberg. Click here for a story from Lublin and Ng on the Kelly situation from late last month.

Of course, we’ll keep you posted on any developments on this front.

At the same time, report Lublin and Ng, AIG has already asked Feinberg to approve its proposed pay deal for the incoming general counsel — even though his blessing isn’t required, according to this person. He has received the proposal, and AIG expects “Feinberg will agree to the compensation package,” this person said.

Full post as published by Law Blog - WSJ.com on January 08, 2010 (boomark / email).