Former AIG chairman Hank Greenberg is settling with the SEC after a long legal battle.
Greenberg — and former CFO Howard Smith — were charged by U.S. regulators today “for their involvement in numerous improper accounting transactions that inflated AIG’s reported financial results between 2000 and 2005.”
Greenberg has settled the SEC suit for $15 million; Smith for $1.5 million. As is the case in all SEC lawsuits, he “neither admitted nor denied” the charges.
Bloomberg notes that Greenberg had previously vowed to fight the charges. Maybe the 84-year-old is getting sick and tired of all this courtroom drama.
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