ALBANY – Ten prominent public figures have signed on to an amicus brief urging the New York Court of Appeals, in People v. Greenberg, 401720/2005, to throw out Martin Act claims against former American International Group CEO Maurice "Hank" Greenberg, arguing that the state law is preempted by federal statute.
The amici, including a former U.S. attorney general, a former commissioner of the Securities and Exchange Commission, four former state attorneys general, a retired congressman, two former governors and the former mayor of New York City, argue that if Attorney General Eric Schneiderman’s case against Greenberg and other AIG defendants is allowed to proceed it would subvert federal securities law and the principles of federalism while undermining the congressional intent of establishing a uniform, national regulatory scheme.
