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Pastimes : Investment Chat Board Lawsuits -- Ignore unavailable to you. Want to Upgrade?

To: Mighty_Mezz who wrote (8372)	5/26/2005 7:36:25 PM
From: olivier asser	Read Replies (1) \| Respond to of 12465

What a "coincidence." Maybe someone should have warned him about the risks of fraudulent transfer claims, considering that he undertook that transfer during pending civil and criminal investigations (according to WSJ, a grand jury is presently considering his indictment.) Gee, can't a CEO transfer $2,200,000,000.00 worth of company stock to his wife and then resign without regulators making a stink about it?

To: Mighty_Mezz who wrote (8372)	5/27/2005 6:06:16 PM
From: olivier asser	Respond to of 12465

Here we go: Greenberg sued for fraudulent conveyance by the Ohio state pension system: courthousenews.com NEW YORK (CN) – Former AIG CEO Maurice “Hank” Greenberg, sued Thursday by New York Attorney General Eliot Spitzer on allegations of financial manipulation and misleading federal investigators, also was sued that day by the Ohio Public Employees Retirement System and other pension funds, which claim the former boss of the country’s largest insurance company tried to fraudulently convey 41,399,802 shares of AIG stock to his wife – worth $2.7 billion – to try to defraud OPERS, the lead plaintiff in a consolidated class-action against AIG. This suit also names his wife, Corinne Greenberg, as a defendant. OPERS asks the court to set aside the allegedly fraudulent conveyance. OPERS, which has 620,000 members and assets of $64.5 billion, was appointed lead plaintiff in February in the consolidated class-action, “In re American International Group, Inc. Securities Litigation,” which alleges bid-rigging and other securities violations. Greenberg resigned on the eve of a scheduled deposition in that case, and conveyed the shares to his wife. Spitzer indicted Greenberg and former AIG COO Howard I. Smith on Thursday. AIG reported $100 billion in revenue in 2004. AIG is expected to settle the case with Spitzer quickly. Its annual report is due to be filed with the SEC next Tuesday. A New York State grand jury is considering filing charges against individuals in the case, The New York Times reported today.