Sometimes, you get a do-over. Defendants in a criminal case that alleges American International Group (AIG) fraudulently inflated its loss reserves through a fake reinsurance transaction got a second chance when their convictions were overturned due to a judge’s error. And now it looks like they may settle, and never have to see the inside of the clink.
The defendants include the former AIG vice president and four former executives from the Berkshire Hathaway company General Re Corp. They were accused of engineering the reinsurance transaction, which led AIG CEO Maurice Greenberg to leave the company in 2005.