AIG May Appeal $34.3 Million Award To German Reinsurer

NEW YORK - A New York federal judge on Feb. 20 stayed execution of a $34.3 million judgment against American International Group, which he issued after a jury determined that AIG fraudulently induced a German reinsurer to participate in a loss-riddled reinsurance facility. AXA Versicherung AG v. New Hampshire Insurance Co., et al., No. 05-10180 (S.D. N.Y.).

The Feb. 6 judgment was issued by Judge Ked S. Rakoff of the U.S. District Court for the Southern District of New York after the jury found that AIG "acted with a high degree of immorality and with such reckless dishonesty as to …