New York's Attorney General and the state's Insurance Superintendent announced they have filed a civil suit against American International Group alleging that executives at the company used improper accounting practices to pump-up the company's earnings to deceive the investors and regulators.
The suit, filed in the Supreme court of the State of New York, County of New York against the New York-based insurance giant, claims the company "engaged in misleading accounting and financial reporting, projecting an unduly positive picture of AIG's underwriting performance for the investing public."
The suit names AIG, Maurice R. "Hank" Greenberg, AIG's former chairman and chief executive officer and Howard I. Smith, former chief financial officer.
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