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May 14, 2013

Bipartisan Call For NY AG’s Office to End Case

Former New York governors Mario Cuomo and George Pataki coauthored an op-ed in the Wall Street Journal, calling on the state’s attorney general office to drop its case against former AIG chairman Hank Greenberg.  The litigation is being pursued under the Martin Act, which gives the New York Attorney General “extraordinary powers to investigate and litigate financial fraud.” 

The governors point out that “the attorney general’s office has decided to deplete its resources and consume more of the court’s time by raising claims for injunctive relief against Mr. Greenberg that were long ago abandoned and that, in any event, are without merit and serve no conceivable purpose.”

The authors, one a Democrat and one a Republican, continue:

“We both recognize that the Martin Act can be an effective tool for regulating New York businesses, but it must be used with caution and care. Misuse of the act, as in this case, sends the wrong message to the business community, putting New York at risk of losing jobs and damaging its economy.”

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