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In the Courts

By ALM Staff | Law Journal Newsletters |
November 25, 2008

Former AIG Employees' Fraud Caused More Than $500 Million in Losses

A fraudulent reinsurance contract between American International Group, Inc. (“AIG”) and General Reinsurance Corp. (“Gen Re”) resulted in more than $500 million in losses to investors, according to an Oct. 31, 2008 ruling issued by United States District Court Judge Christopher F. Droney. The losses arose from a loss portfolio transfer (“LPT”) reinsurance transaction negotiated between AIG and Gen Re. Five defendants were convicted for their role in the fraud and will be sentenced this month.

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