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...
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