Statement From New York Attorney General Eric T. Schneiderman On Case Against Hank Greenberg

Attorney General Eric T. Schneiderman issued the following statement today in connection with a State Court of Appeals decision in the case against Hank Greenberg, which will allow New York’s fraud claims to proceed to trial. The decision will also allow New York State to seek to recover bonuses the defendants earned while committing their alleged fraud:

“Since 2005, this office has sought to hold Mr. Greenberg and Mr. Smith responsible for financial fraud and manipulation during their tenure at A.I.G. Today, New York’s highest court has allowed those claims to proceed to trial, where we look forward to demonstrating that Mr. Greenberg and his associates orchestrated two major frauds that caused massive losses to A.I.G.’s shareholders. Nobody – no matter how rich or powerful – is allowed to commit fraud in our state, and we are very pleased the people of New York will finally have a chance to obtain justice at trial.”