AIG Offers Lessons for MBS Fraud Plaintiffs
Last month, Southern District Judge Deborah Batts approved a $115 million settlement to end a securities fraud class action that American International Group Inc. (AIG) shareholders brought against the company's former CEO, Maurice "Hank" Greenberg, and other AIG executives.1 Although New York Attorney General Eric Schneiderman has also sued Greenberg (for the same transactions that attracted AIG shareholders' ire), he had little reason to celebrate the private plaintiffs' victory. That is because, as he forcefully argued in the objection that he presented to Batts, the settlement dramatically limits the relief the attorney general is able to win in his own lawsuit.2
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