Former AIG Execs Settle SEC Claims For $17M

Law360, New York (August 6, 2009, 6:51 PM EDT) -- Former American International Group Inc. executives Maurice “Hank” Greenberg and Howard Smith have agreed to pay a combined $16.5 million to settle claims brought by the U.S. Securities and Exchange Commission over alleged securities fraud and improper accounting practices.

The SEC filed the complaint Thursday in U.S. District Court for the Southern District of New York along with the settlement, under which Greenberg and Smith agreed to pay penalties and disgorgement, though neither admitted nor denied the allegations.

Former chairman and CEO Greenberg will pay a...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.