Five defendants convicted last year of engaging in a scam to inflate AIG’s loss reserves have filed papers asking the 2nd U.S. Circuit Court of Appeals to overturn their convictions. To increase their chances, three of them have shaken up their legal teams by adding Am Law 200 lawyers with sterling appellate resumes.
To review: One ex-AIG employee and four top execs at General Re, an affiliate of Berkshire Hathaway, were convicted of participating in a sham reinsurance transaction that prosecutors claim cost shareholders as much as $500 million, according to the Associated Press.
