Legal Blog News
Today's Date: Law Firm & Legal Blog News Feed
NY court: Case against ex-AIG execs can continue
Law & Court News | 2016/06/01 13:48
New York's attorney general can continue his legal effort to bar two former American International Group Inc. executives from the securities industry and forfeit any improperly gained profits, the state's highest court ruled Thursday.

The Court of Appeals for the second time refused to dismiss the lawsuit originally filed in 2005 by then-Attorney General Eliot Spitzer, ruling it should go to trial.

The suit claims ex-AIG chief executive Maurice "Hank" Greenberg and ex-chief financial officer Howard Smith had engaged in fraudulent reinsurance transactions to conceal from investors a deteriorating financial condition.

AIG itself resolved state charges as part of a $1.64 billion agreement with regulators in 2006. The insurance giant was bailed out by the federal government in the 2008 financial crisis.

Greenberg and Smith settled related federal Securities and Exchange Commission complaints without admitting wrongdoing in 2009.

Their attorneys challenged the state lawsuit, arguing that New York's Martin Act against securities fraud authorizes neither a permanent industry ban nor disgorgement of profits, and that releases from other settlements barred further financial forfeit.

"As we have previously stated, in an appropriate case, disgorgement may be an available 'equitable remedy distinct from restitution' under the state's anti-fraud legislation," Judge Leslie Stein wrote. "Moreover, as with the attorney general's claim for an injunction, issues of fact exist which prevent us from concluding, as a matter of law that disgorgement is unwarranted."

The court rejected another dismissal motion two years ago, concluding there was sufficient fraud evidence for trial.



[PREV] [1] ..[1339][1340][1341][1342][1343][1344][1345][1346][1347].. [2647] [NEXT]
   Lawyer News Menu
All
Legal Blog News
Attorney Blog News
Law & Court News
Top Court Watch
Topics in Legal News
Law Firm Blog News
Law Firm Press Release
Legal Opinions
   Lawyer News Video


Law Promo can construct your law firm a brand new responsive website, or help you redesign your existing site to secure your place in the internet world. Small Law Firm Web Design by Law Promo
   Lawyer & Law Firm Links
Amherst, Ohio Divorce Lawyer
Sylkatis Law - Child Custody
loraindivorceattorney.com
East Greenwich, RI Divorce Attorney
The Law Office of Erica S. Janton
Divorce Issues Lawyer
Oregon Family Law Attorney
Divorce Lawyer Eugene. Family Law
www.mjmlawoffice.com
St. Louis Missouri Criminal Defense Lawyer
St. Charles DUI Attorney
www.lynchlawonline.com
Car Accident Lawyers
Sunnyvale, CA Personal Injury Attorney
www.esrajunglaw.com
Raleigh, NC Business Lawyer
www.rothlawgroup.com
   Recent Lawyer Blog Updates
Trump asks the Supreme Court to block ..
Rudy Giuliani is in contempt of court ..
Small businesses brace themselves for ..
Appeals court overturns ex-49er Dana S..
Amazon workers strike at multiple faci..
TikTok asks Supreme Court to temporari..
Supreme Court rejects Wisconsin parent..
US inflation ticked up last month as s..
Court seems reluctant to block state b..
Court will hear arguments over Tenness..
© Legal Blog News - Law Firm News & Press Releases. All rights reserved. - Find the latest lawyer and law firm news and information. We provide information that surround the activities and careers in the legal industry. Review tips and up to date law firm and legal news. With up to date legal articles leading the way as a top resource for attorneys and legal practitioners.

The content contained on the web site has been prepared by Attorney New as a service to the internet community and is not intended to constitute legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance. Nothing posted on this blog is intended as legal advice. Blog postings and hosted comments are available for general educational purposes only and should not be used to assess a specific legal situation. Nothing submitted as a comment is confidential. Nor does any comment on a blog post create an attorney-client relationship.