IN BRIEF

NEW YORK

Insurer AIG agrees to settle disputes with former officials

American International Group Inc. has agreed to settle all legal disputes with its former chairman Maurice "Hank" Greenberg, the company said late Wednesday.

AIG also settled all its legal disputes with former Chief Financial Officer Howard Smith. AIG, which is owned by U.S. taxpayers, said it will pay up to $150 million in past legal costs for Greenberg and Smith.

AIG has said that a Greenberg-controlled investment firm owed it $4.3 billion to cover stock taken from a retirement fund. AIG claimed the fund was held in an oral trust for use by company employees. Greenberg argued he could sell the shares because they were controlled by his company, Starr International.

AIG had also claimed that Greenberg and Smith owe part of the $1.6 billion AIG has paid to settle a range of issues with regulators including the Securities and Exchange Commission, Justice Department and New York attorney general.

Greenberg was ousted from New York-based AIG amid an accounting scandal in 2005. The Securities and Exchange Commission charged both Greenberg and Smith with misstating the company's earnings.

Trump Entertainment reshuffle draws Beal Bank's opposition

The senior lender behind Trump Entertainment Resorts Inc. opposes a deal Donald Trump and his daughter Ivanka made with other creditors to end the bankruptcy of the casino company named for the celebrity investor.

Beal Bank had been working with Trump to reorganize Trump Entertainment until last week, when Trump announced that he and his daughter would support a competing plan from noteholders.

"After Mr. Trump's announcement, Beal Bank re-evaluated the posture of these cases, with a focus on maximizing its recovery," Beal Bank attorneys said in court papers filed Wednesday.

The bank said it would pursue its own plan for Trump Entertainment, in which it would convert the $486 million it is owed to equity in the three casinos the company owns.

Trump Entertainment, based in Atlantic City, filed for bankruptcy in February, blaming high debt and falling casino revenue.

Trump, who once owned 29 percent of the company, resigned from the board before it filed for court protection. He has abandoned his equity interest in the company, according to court papers.

CHAMPAIGN, Ill.

Deere and Co. posts quarterly loss as equipment sales stall

Deere and Co. says sales of tractors, combines and other agricultural mainstays slumped in the fourth quarter and that it expects farmers to remain cautious about new equipment purchases because of the weak global economy.

The company ended fiscal 2009 with a profit of almost $874 million but lost $223 million in the fourth quarter due to big charges related in part to pension costs and job cuts. Its sales of farm and construction equipment fell 28 percent in the fourth quarter.

Deere, based in Moline, lost 53 cents a share in the three months ended Oct. 31, reversing a profit of $345 million, or 81 cents a share, a year earlier.

The loss included charges of $321.8 million for a write-down in the value of assets and restructuring expenses.

Otherwise, Deere said it would have earned 23 cents per share. Analysts expected earnings of 3 cents a share before items.