The settlement resolves a bitter court fight that has dragged out for almost a dozen years. (Photo: Bloomberg)

Updated 6:35 p.m. ET

(Bloomberg) – Former American International Group Inc. Chief Executive Officer Maurice “Hank” Greenberg admitted to participating in and approving two fraudulent reinsurance deals as part of a settlement with New York’s attorney general, ending a contentious legal battle that has dragged out for almost a dozen years.

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