In a stunning reversal August 1, a federal appeals court panel ordered a new trial in the criminal case against five former General Re Corporation and American International Group, Inc., executives. The executives had been found guilty in 2008 for duping investors and regulators with a sham reinsurance deal designed to conceal AIG ‘s shrinking reserves.
The panel ruled unanimously that the trial judge allowed the government to present prejudicial evidence and had flubbed his jury instructions on causation.
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