Timeline of Dispute Between Ex-AIG Executives and State

New York Law Journal



• New York State Attorney General Eliot Spitzer launches an investigation into American International Group (AIG) and its top executives to see if the firm and its officials juggled the books to mislead investors.

• AIG board forces Maurice "Hank" Greenberg to resign as chief executive officer after Spitzer threatens to indict the company.

• Spitzer files a civil suit alleging AIG and top officials violated the Martin Act by perpetrating "fraudulent transactions designed to portray an unduly positive picture of AIG's loss reserves and underwriting performance."


• The federal government indicts five insurance executives on charges of conspiracy, securities fraud, mail fraud and lying to the Securities and Exchange Commission in connection with an October 2000 reinsurance transaction in which General Re allegedly helped AIG structure an accounting maneuver to manipulate AIG's financial statements.

• AIG admits structuring sham transactions and settles with the federal government and the state for a record $1.64 billion. Greenberg, no longer CEO but an AIG shareholder, objects to the settlement.


• Motions are filed related to discovery demands of Greenberg and former AIG chief financial officer Howard Smith in the state civil case and various motions in the federal criminal case.


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