Broker Center sponsored links

Greenberg could pay fine of up to $100 million: report

Fri Sep 5, 2008 9:22pm EDT
 
Email | Print | | Reprints | Single Page
[-] Text [+]

NEW YORK (Reuters) - Maurice "Hank" Greenberg, the former CEO of American International Group Inc (AIG.N: Quote, Profile, Research, Stock Buzz), could face a fine of up to $100 million to settle three-year-old civil fraud charges brought by New York's attorney general, according to business news channel CNBC on Friday.

CNBC editor Charlie Gasparino said as part of settlement talks between the two sides, a fine of between $50 million and $100 million has been discussed. However, he said the talks could break down over the language of the settlement.

Gasparino said Greenberg was resisting any language that indicated wrongdoing on his part.

A lawyer for Greenberg did not respond to a request for comment. A spokesperson for the New York attorney general could not immediately be reached.

The parties agreed in July to postpone Greenberg's deposition in the matter until this month.

Greenberg left AIG in 2005 after allegations of financial misconduct were made against him and the company by then-New York Attorney General Eliot Spitzer and the U.S. Securities and Exchange Commission.

AIG paid $1.64 billion two years ago to settle the charges.

(Reporting by Lilla Zuill; Editing by Braden Reddall)

 
Photo

Featured Broker sponsored link

Editor's Choice

  • Pictures
  • Video
  • Articles

A selection of our best photos from the past 24 hours.  Slideshow 

Most Popular on Reuters

  • Articles
  • Video
  • Recommended
The global destination for corporate leaders, deal-makers and innovators