Tuesday, May 24, 2005

Boies at the Center of Two Cases

David Boies, one of the best known litigators in the country (Bill Gates and Gen. William Westmoreland are among his former opponents), is involved in two high-profile corporate crime cases, but in different roles.  In the prosecution in New York Supreme Court of former Tyco CEO Dennis Kozlowski and CFO Mark Schwartz, Boies testified on behalf of the government about the lack of documentation for $37 million in loans to the two defendants that were foregiven by the company.  Boies and his law firm, Boies, Schiller & Flexner, conducted the internal investigation of Tyco's finances after Kozlowski was fired as CEO.  A Wall Street Journal story (here) discusses the closing arguments in the retrial, including the comment by Schwartz's attorney describing Boies as the "$45 million man" for the fees charged to conduct the internal investigation.

On of Boies' current clients is former AIG CEO Maurice Greenberg, who is at the center of the government's investigation of improper accounting for reinsurance transactions and other problems at AIG.  Greenberg asserted the Fifth Amendment rather than testify before federal and state investigators, and is likely the prime target of the criminal investigations, although it is an open question still whether he will be charged with any crimes.  Look for Boies to take a leading role in arguing that his client made reasonable accounting decisions, a point already made by Greenberg in a letter to AIG's board after it disclosed the conclusions of an internal investigation that included statements regarding former management, i.e. Greenberg among others (see earlier post here). Boies is sure to have had a hand in the drafting of that missive, and in shaping Greenberg's response to the various government investigations. (ph)

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