New York's top court has cleared the way for a civil trial of former AIG CEO Maurice "Hank" Greenberg and the company's chief financial officer over allegations that they engineered a sham transaction more than a decade ago in order to make its financial statement look better.
The fraudulent reinsurance transactions date to 1999 and 200,0 and involved General Re Corp., a Berkshire Hathaway company.
Greenberg argued in court papers that there was no admissible evidence that he orchestrated a $500 million transaction with reinsurer GenRe that misled AIG shareholders, and that the case should have ended in April when the state dropped a claim for as much as $6 billion in damages.
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