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A New York state judge has held Maurice “Hank” Greenberg, the former head of American International Group Inc., liable for “spearhead[ing]” a fraudulent transaction to remove $200 million in losses from the giant insurer’s books. Manhattan Supreme Court Justice Charles E. Ramos’ ruling handed a victory to 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.

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