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Legal News

: Lawyers and Settlements

Former AIG CEO to Pay $15 Million to Settle Claims

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New York, NY: The former chairman and chief executive officer of AIG will pay $15 million to settle claims he misled investors. Although the Securities and Exchange Commission (SEC) does not allege that Maurice "Hank" Greenberg was involved in securities fraud, it does allege that he and another AIG officer, Howard Smith, manipulated the company's earnings. Furthermore, the SEC said that Greenberg and Smith were "control persons," making them responsible for what occurred at AIG.

Full post as published by Lawyers and Settlements on August 16, 2009 (boomark / email).

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