Greenberg, Smith Found Liable For 'Sham' AIG Deal

Law360, New York (October 22, 2010, 6:28 PM EDT) -- A federal judge has found former American International Group Inc. executives Maurice “Hank” Greenberg and Howard I. Smith liable for damages stemming from the smaller of two alleged sham transactions that led to billions of dollars in shareholder losses.

Judge Charles E. Ramos issued a decision Thursday in Manhattan Supreme Court granting partial summary judgment to New York Attorney General Andrew Cuomo in its suit against former Chairman and CEO Greenberg and former Chief Financial Officer Smith brought under the Martin Act, a powerful state securities...
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