Hank Greenberg should still face trial over sham transactions he is accused of orchestrating while he was head of American International Group, even though New York has dropped most of its claims against him, a lawyer for the state argued on Tuesday.
"We're looking for a deterrent effect," Barbara Underwood, the state solicitor general, told New York's highest court. She said the state wanted an admission from Greenberg, who headed AIG until March 2005.
Greenberg is accused of misleading shareholders over the financial health of AIG through transactions a decade ago that the attorney general has said were designed to help boost the company's share price.
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