If it Walks Like a Fiduciary ...? Part 2 -- In The News.
The previously posted Federal Jury case between American International Group and Mr. Maurice Greenberg has just resulted in a Jury verdict in Mr. Greenberg's favor:
The eight-member jury rejected a contention by A.I.G. that Mr. Greenberg had improperly removed the stock from a fund for top performers' retirement benefits. He was therefore not required to reimburse the company, the jury concluded, deciding the first of two questions at trial.
In a second, advisory decision, the jury found that Mr. Greenberg did not violate a trust when he removed the stock. The federal judge presiding over the trial, Jed S. Rakoff, will now write the controlling decision on whether a trust was violated, taking the jury's finding into account.
It is also reported that the Judge said that he will issue his decision by the end of August, 2009. Mary Williams Walsh, "Jury Decides For Greenberg in A.I.G. Case Over Shares" p. B1, col. 6 (New York Times Nat'l ed., "Business Day" Section, Wednesday, July 8, 2009).
Please Read The Disclaimer.