Maurice “Hank” Greenberg, former American International Group Inc. (AIG) chief, has finally settled an accounting fraud case with the New York attorney general’s office, ending a 12-year battle, according to a press release from Attorney General Eric T. Schneiderman.

“Today's agreement settles the indisputable fact that Mr. Greenberg has denied for 12 years: That Mr. Greenberg orchestrated two transactions that fundamentally misrepresented AIG's finances,” Schneiderman said in the press release. “After over a decade of delays, deflections and denials by Mr. Greenberg, we are pleased that Mr. Greenberg has finally admitted to his role in these fraudulent transactions.” (See also: Fraud Trial Starts for Hank Greenberg, Notorious AIG Exec.)

Under the terms of the settlement, Greenberg, 91, will pay $9 million to New York. Howard Smith, former AIG chief financial officer, will pay roughly $900,000. Both executives faced various charges of fraud alleging that they were responsible for hiding significant losses from the public in two different fraudulent transactions.

The lawsuit, People v. Maruice R. Greenberg and Howard I. Smith, was brought on in 2005 by then-Attorney General Eliot Spitzer after AIG admitted it had engaged in improper reinsurance transactions through two deals during Greenberg’s time at the helm. The deals, known as the GenRe and Capco transactions, misrepresented AIG’s loss reserves and misstated its underwriting results from 2000 to 2004, the New York attorney general’s office said. AIG, also an original defendant, reached a $1.6 billion settlement in 2006, but Greenberg and Smith refused to settle at the time, saying that others were technically responsible for the transactions.

“Now, Mr. Greenberg acknowledges that he personally initiated, participated in and approved these transactions,” Schneiderman said in the release. “Mr. Smith admits to having played a similar role.” (See also: Lawyers Concerned About Buffet Deal with AIG.)

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