Ex-AIG chief Greenberg should confront choose he referred to as biased

1. exaig main greenberg should encounter
Previous AIG main Maurice "Hank" Greenberg will have to protect himself in opposition to
promises of accounting fraud in a non-jury trial carried out by a decide he experimented with to
get rid of for alleged bias. Justice Charles Ramos of New York point out courtroom on Tuesday
ruled in opposition to Greenberg's need for a jury to listen to the civil case introduced by the New
York attorney standard. Previously this thirty day period, a New York appeals courtroom rejected
Greenberg's try to take away Ramos from the prolonged-operating circumstance. Greenberg
claimed Ramos was biased against him and could not preside over a fair trial. Ramos ruled from
the bench in the newest legal wrangling in the 2005 case that accuses Greenberg and the
insurer's previous chief economic officer, Howard Smith, of orchestrating sham transactions at the
insurer to conceal its financial problem. A spokeswoman for Greenberg's attorney, David Boies,
declined to comment on shedding the bid for a jury. Lawyer Vincent Sama, who signifies Smith,
who also sought a jury trial, said he may possibly appeal the ruling. Ramos also heard arguments
by the executives' attorneys on their motions to dismiss the circumstance. Boies said the lawsuit
could not be pursued simply because Schneiderman no lengthier experienced "a viable remedy."
New York Legal professional Basic Eric Schneiderman, who inherited the situation, was
compelled to drop his promises for as a lot as $6 billion in damages previous 12 months after a
course motion settlement between AIG shareholders and the executives and other folks in excess
of the allegedly poor accounting. The attorney common is now looking for "unwell-gotten gains"
from Greenberg's payment, in accordance to lawyer David Ellenhorn, who signifies
Schneiderman. He also desires to bar the executives from serving as officers or administrators of
community companies and from collaborating in the securities company. Boies argued that
Greenberg, 88, has no intention of participating in the securities company or in performing as a
director or officer of a community business. Greenberg is the chairman and chief government of
the privately held C.V. Starr & Co, which owns Starr Principal Holdings, a registered security
adviser. "He is managing a company that is in the securities company," Ellenhorn mentioned.
Boies mentioned Greenberg did not participate in the management of Starr Principal Holdings or
its expense exercise. "That's great, but it's not the complete photo," Ramos stated. "It sounds as if
he is a management particular person...it opens the doorway to that impact." Even now, Ramos
did not rule on whether the lawsuit, which was at first brought by previous New York attorney
basic Eliot Spitzer, must continue to demo. Greenberg led AIG for nearly four a long time prior to
he was ousted in 2005. The up coming calendar year, AIG paid $one.sixty four billion to settle
federal and point out probes into its enterprise procedures. The circumstance is People v
Greenberg, et al, New York State Supreme Court docket, New York County, No. 401720/2005.
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