Maurice “Hank” Greenberg won a resounding victory over American International Group yesterday when a jury said his current firm did not have to give back $4.3 billion, reports The Wall Street Journal.
The jury only needed five hours to deliberate, following a three-week trial in federal court in Manhattan. Still, AIG could see a favorable turn of events if U.S. District Judge Jed Rakoff overrides the eight-person jury, part of whose verdict was advisory. “This is not the final judgement,” he said.
The verdict is a setback for AIG who is eager to repay the federal loan issued by the U.S. government. Greenberg is still fighting civil charges from the New York attorney general’s office related to the accounting inquiry—Greenberg vehemently denies any wrongdoing.
Theodore Wells, AIG’s attorney was “disappointed” with the verdict. Starr lawyer David Boies said he hopes that the judge sees the same outcome as the jury.