An official announcement by the SEC on the settlement is expected later today.
Greenberg had received a subpoena from the SEC in July of 2007 on a continuing investigation into what role, if any, he played in alleged accounting improprieties at his old firm, American International Group, which led to a $3.6 billion earnings restatement, a $1.6 billion settlement between AIG and a host of regulators, and Greenberg’s eventually being forced from his job as chairman and CEO.
Greenberg had steadfastly denied that he has done anything wrong.
AIG had sued Greenberg as part of shareholder litigation over the accounting restatement, and officials there have made no secret that they thought the SEC was dragging its feet in bringing a case against Greenberg.