After 12 years of all-out litigation, New York Supreme Court Justice Charles Ramos today is expected to approve a $9 million settlement between former AIG CEO Maurice “Hank” Greenberg and the office of New York Attorney General Eric Schneiderman.
Considering that New York prosecutors originally sought an eye-popping $6 billion, Greenberg and his lawyer, David Boies of Boies Schiller Flexner, can justifiably claim the deal as a win.
But to Boies’s undisguised exasperation, that didn’t stop Schneiderman from issuing a press release implying otherwise. “Greenberg Admits To Initiating, Participating, And Approving Two Fraudulent Transactions Committed By AIG While CEO,” the release states—even though the word “fraud” appears nowhere in Greenberg’s narrow and carefully crafted admission of accounting inaccuracies.
