Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Thursday, June 14, 2007

AIG Sues Greenberg, Smith

In response to a shareholders' demand, and after a special investigation, AIG is taking over a litigation filed as a shareholders' derivative suit against its former CEO Maurice "Hank" Greenberg and former-CFO Howard Smith for more than $1 billion in damages resulting from AIG's accounting scandal that was exposed by then- New York Attorney General Spitzer.  Greenberg's lawyer, David Boies, says it's "old news."  See WSJ, AIG Sues Greenberg, Smith For Over $1 Billion in Damages.

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