A.G. Schneiderman Announces Settlement Of Martin Act Case Against Former AIG CEO Maurice R. Greenber
A.G. Schneiderman's office press release ----- The Office of Attorney General Eric T. Schneiderman announced today that it has reached a settlement of the Office's securities fraud suit under the Martin Act against Maurice R. ("Hank") Greenberg, the former CEO of American International Group, Inc. ("AIG"), and Howard I. Smith, AIG's former Chief Financial Officer. The lawsuit, People v. Maurice R. Greenberg
and Howard I. Smith, Index No. 401720/05 (New York County Supreme Court), was
brought by Attorney General Eliot Spitzer in 2005, following the admission by AIG
that the company had engaged in certain improper reinsurance transactions while Mr. Greenberg was the company's CEO and Mr. Smith the CFO, including two sham deals--known as the GenRe and Capco transactions--that materially misrepresented AIG's loss reserves and misstated its underwriting results, respectively, during the period 2000 to 2004. For more in depth information on A.G. Schneiderman Settlement of Martin Act case against former AIG CEO Maurice R. Greenberg and former AIG CFO Howard I. Smith click on the image below to read the release.