A New York judge has held Maurice "Hank" Greenberg, the former head of American International Group, liable for "spearhead[ing]" a fraudulent transaction to remove $200 million in losses from the giant insurer's books. Judge Charles E. Ramos' ruling handed a victory to state Attorney General Andrew Cuomo, who is pressing the suit against Greenberg and AIG's former chief financial officer, Howard Smith, to recover investor losses stemming from two allegedly sham transaction designed to hide the company's true financial condition.
AIG's Greenberg Found Liable for Fraudulent Action
New York Law Journal
October 25, 2010