An intermediate New York state appellate court has stayed further proceedings pending additional arguments in a civil trial of former American International Group CEO Maurice “Hank” Greenberg and the company's former CFO.
The case stems from allegations that AIG engineered a finite reinsurance transaction that involved an insufficient transfer of risk in order to make its financial statement look better, and that Greenberg knew of it. The case is 8.5 years old.
The First Department of the New York Appellate Division issued the order Thursday. The stay was sought by lawyers for Greenberg. They want the trial judge, Justice Charles A. Ramos, removed from the case.
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