NY Court Won't Let AIG's Greenberg Out Of Securities Suit

Law360, New York (May 8, 2012, 6:59 PM EDT) -- A New York state appeals court on Tuesday denied former American International Group Inc. chief Maurice "Hank" Greenberg’s bid to end a securities fraud case accusing him of misleading investors and regulators about the financial condition of the company in order to inflate revenues.

Greenberg and former AIG Chief Financial Officer Howard Smith had sought dismissal of the suit, arguing that the New York attorney general’s enforcement powers under the state’s Martin Act and Executive Law were preempted by federal law. The New York Appellate Division...
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