AIG must show documents to Greenberg, Smith
Court Alerts
American International Group Inc. must give former Chief Executive Officer Maurice R. Greenberg and former Chief Financial Officer Howard I. Smith access to AIG legal documents in their defense against fraud charges brought by the New York attorney general, an intermediate New York appeals court has ruled.
Overturning a lower court decision that AIG could withhold the documents as privileged, a unanimous five-judge panel of the Appellate Division of New York State Supreme Court ruled that the two former AIG executives are entitled to the legal memoranda, which include some related to AIG’s allegedly fraudulent 2000 loss portfolio reinsurance deal with General Re Corp.
Yesterday’s appeals ruling stems from then-New York Attorney General Eliot Spitzer’s 2005 lawsuit charging Messrs. Greenberg and Smith with fraud related to the Gen Re deal and other allegedly sham transactions designed to manipulate AIG’s financial statements. AIG itself was originally a defendant, but settled with regulators in 2006, paying $1.6 billion.
Messrs. Greenberg and Smith have argued in part that they relied on the advice of legal counsel in the transactions cited in the attorney general’s lawsuit, and have sought copies of all legal memoranda related to the transactions prepared at the time they were AIG officers.
AIG refused to turn over the documents, and a New York judge ruled that they were protected by AIG’s attorney-client privilege.
The Appellate Division panel reversed that ruling, though, finding that the two former executives have a qualified right to inspect the memoranda.
Related listings
-
Beaumont man pleads guilty to Rita fraud
Court Alerts 02/20/2008A Beaumont man has pleaded guilty to making a false statement to FEMA in seeking disaster relief after Hurricane Rita.Wilyum Henderson, 50, entered the plea Tuesday in federal court in Beaumont.The U.S. Attorney's Office said Henderson filed a fake c...
-
Court orders whistle-blower site offline in U.S.
Court Alerts 02/19/2008[##_1L|1319711305.jpg|width="130" height="93" alt=""|_##]A California district court has shut down a controversial Web site in the U.S. that allows whistle-blowers to post corporate and government documents online anonymously. A site known as Wikilea...
-
Court Won't Hear Ex-Ala. Coaches' Appeal
Court Alerts 02/19/2008The Supreme Court declined Tuesday to hear an appeal from two former Alabama assistant football coaches who lost their jobs following an NCAA investigation of the Crimson Tide's football program.The justices rejected the case of Ronnie Cottrell and I...
Illinois Work Injury Lawyers – Krol, Bongiorno & Given, LTD.
Accidents in the workplace are often caused by unsafe work conditions arising from ignoring safety rules, overlooking maintenance or other negligence of those in management. While we are one of the largest firms in Illinois dedicated solely to the representation of injured workers, we pride ourselves on the personal, one-on-one approach we deliver to each client.
Work accidents can cause serious injuries and sometimes permanent damage. Some extremely serious work injuries can permanently hinder a person’s ability to get around and continue their daily duties. Factors that affect one’s quality of life such as place of work, relationships with friends and family, and social standing can all be taken away quickly by a work injury. Although, you may not be able to recover all of your losses, you may be entitled to compensation as a result of your work injury. Krol, Bongiorno & Given, LTD. provides informed advocacy in all kinds of workers’ compensation claims, including:
• Injuries to the back and neck, including severe spinal cord injuries
• Serious head injuries
• Heart problems resulting from workplace activities
• Injuries to the knees, elbows, shoulders and other joints
• Injuries caused by repetitive movements
For Illinois Workers’ Compensation claims, you will ALWAYS cheat yourself if you do not hire an experienced attorney. When you hire Krol, Bongiorno & Given, Ltd, you will have someone to guide you through the process, and when it is time to settle, we will add value to your case IN EXCESS of our fee. In the last few years, employers and insurance carriers have sought to advance the argument that when you settle a case without an attorney, your already low settlement should be further reduced by 20% so that you do not get a “windfall.” Representing yourself in Illinois is a lose-lose proposition.