Former AIG CEO Hank Greenberg Reaches $9.9 Million Settlement In The Accounting Fraud Case
Former CEO of AIG Hank Greenberg and CFO Howard Smith have agreed with the $9.9 million settlement with the New York Attorney General office.
Former CEO of AIG Hank Greenberg and CFO Howard Smith have agreed with the $9.9 million settlement with the New York Attorney General office.
New York federal judge has cleared a way for Pacific Investment Management Co. to pursue lawsuit against AIG in California. Meanwhile, Pimco also faced another legal battle with former co-founder Bill Gross.
The three AIG units that were involved in practicing confllict of interest towards its clients are asked to pay $9.5 million. These units have drove their clients into purchasing expensive mutual fund shares in order to collect more fees.
AIG said that it had decided to settle its $2 billion lawsuit. It will allegedly resolve the accusations of Coventry First that it overcharged the life insurance policies acquired from elderly people.