Ex-AIG Brass Must Face NY AG's Suit, State High Court Rules

Law360, New York (June 25, 2013, 1:03 PM EDT) -- New York's attorney general can pursue nonmonetary relief against American International Group Inc.'s former CEO and chief financial officer over allegedly bogus reinsurance deals they engineered despite federal settlements that trumped his claim for damages, the state's highest court ruled Tuesday.

Former AIG CEO Maurice "Hank" Greenberg and former CFO Howard I. Smith failed to convince the court that their $16.5 million settlement in 2009 with the U.S. Securities and Exchange Commission prevents New York Attorney General Eric Schneiderman from pursuing equitable and injunctive relief against...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.