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Five former executives convicted in an allegedly fraudulent reinsurance transaction between AIG and Gen Re that was intended to boost the slumping stock price of AIG were granted a new trial yesterday.

The U.S. Court of Appeals for the Second Circuit vacated the convictions of former Gen Re officials Ronald Ferguson, the one-time CEO; Chief Financial Officer Elizabeth Monrad; assistant general counsel Robert Graham; and senior vice president Christopher Garand as well as AIG’s former head of reinsurance, Christian Milton.

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