AIG Execs Entitled to Lawyers’ Documents, Appeals Court Rules
A New York appeals court has ruled attorney-client privilege does not protect documents requested by two former executives for American International Group Inc.
The opinion said former CEO Maurice Greenberg and former CFO Howard Smith are entitled to the documents to fight civil accusations of accounting irregularities by the New York attorney general, the New York Law Journal reports. The men claim the documents will support their contention that they relied on their lawyers’ advice when participating in transactions boosting their company’s financial picture—transactions that were later deemed to be a sham by the attorney general.
AIG, also named in the civil suit, settled the pending litigation and federal investigations two years ago by agreeing to pay $1.6 billion in restitution and penalties, according to a press release.
