New York Attorney General Andrew Cuomo appears to be picking up where Eliot Spitzer left off in pursuit of a lawsuit against former American International Group Chief Executive Maurice "Hank" Greenberg.
In a story first reported by Reuters, sources close to the case said several subpoenas were issued in a suit that was originally filed by the office of former Attorney General Spitzer, who is now the state's governor. As many as eight subpoenas were issued in the case, according to a source in the report.
The case surrounds allegations of securities fraud claims, principally misleading the investing public about the true nature of AIG's financial condition.
AIG paid a $1.64 billion settlement over state and federal charges of securities fraud, bid-rigging and failure to pay proper contributions to various state workers' compensation funds.
Calls to Mr. Cuomo's office for comment were not returned.
A spokesperson for Mr. Greenberg could not be reached for comment.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
