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New York sues insurer

Friday, May 27, 2005 | 10:52 a.m.

ALBANY, N.Y. -- Regulators' charges against the nation's largest insurance company are heading into court, as New York authorities filed their anticipated civil lawsuit against American International Group Inc. and its former chief.

The suit accuses AIG, ex-Chief Executive Maurice "Hank" Greenberg and former Chief Financial Officer Howard I. Smith of orchestrating an accounting scheme that made AIG's financial picture appear brighter than it was, misleading both investors and regulators. It was filed Thursday in state Supreme Court in Manhattan by New York Attorney General Eliot Spitzer.

In 37 pages filled with quotes by employees trying to end what they thought were illegal policies, the suit accuses AIG of employing a variety of questionable accounting devices.

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