An independent commission of retired judges has exonerated a former chairman of American International Group of wrongdoing almost four decades ago in connection with a charity Governor Spitzer accused him of shortchanging by billions of dollars.

While serving as New York’s attorney general, Mr. Spitzer said Maurice “Hank” Greenberg profited from the death of his mentor, Cornelius Vander Starr, and called on Mr. Greenberg and others to reimburse the Starr Foundation, a charity founded in 1955. The charity, with more than $3.5 billion in assets, distributes grants and scholarships.

In a 2005 letter, Mr. Spitzer alleged that Mr. Greenberg and other executors of the estate sold Starr’s assets to companies controlled by Mr. Greenberg and then flipped those assets “at far higher prices.” Mr. Spitzer suggested a court reconsider Starr’s estate.

The independent commission, which included jurists William Thompson Sr. and C. Raymond Radigan, found no basis for Mr. Spitzer’s allegations and concluded that it was “in the best interests” of the Starr Foundation not to pursue a case against Mr. Greenberg or the other living executors of Starr’s estate.

“The executors of the estate,” the judges wrote, “acted in good faith and prudently performed their duties, and there is no basis for the report’s contention to the contrary.”

Mr. Spitzer had filed separate civil fraud charges against Mr. Greenberg for faulty accounting at AIG.

John Milgrim, a spokesman for Attorney General Andrew Cuomo, who succeeded Mr. Spitzer, said, “This office is not surprised that a foundation controlled by Mr. Greenberg issued a report attempting to absolve him of wrongdoing. We’ve got it and we’re reviewing it.”

Members of the panel said yesterday they investigated the case independently of the foundation that hired them.

“I’m not controlled by Greenberg. I met him once. I wouldn’t know Greenberg if I stumbled over him,” Mr. Thompson told The New York Sun. “I don’t know Greenberg from a hole in the wall.”

Mr. Thompson, a former New York State appellate judge, added: “My rep speaks for itself.”

Mr. Thompson, the father of the New York City comptroller, William Thompson Jr., said he was paid $500 an hour to help lead the year-long effort, which included reviewing documents in the case, interviewing surviving witnesses, and reconstructing events that happened in the late 1960s.

When the estate was settled, a surrogate court judge and the office of the attorney general at the time approved the financial transactions Mr. Spitzer has called suspect.

“We did a full analysis,” Mr. Radigan, a retired Nassau County surrogate justice, said. “We found that there’s no basis to find that they acted imprudently.”

Mr. Spitzer’s office didn’t return phone messages seeking comment.