The fight is still on for five former insurance executives who lost a sham reinsurance case in 2008 that included conspiracy, securities fraud, making false statements to the U.S. Securities and Exchange Commission and mail fraud.

The five execs’ lawyers took arguments—reportedly an unfair trial and questionable evidence entered into the original hearing—to the 2nd U.S. Circuit Court of Appeals on November 17. The appeals court will issue a ruling at later date.

According to the 2008 ruling, Ronald Ferguson, former Gen Re CEO, Christian Milton, former AIG VP of reinsurance, Elizabeth Monrad, former Gen Re CFO, Christopher Garand, former Gen Re head of finite reinsurance operations in the United States, and Robert Graham, former assistant general counsel at Gen Re, engaged in a scheme to falsely inflate AIG's reported loss reserves, a key indicator of financial health to insurance industry analysts and investors.

According to trial evidence, the fraud was carried out through the use of two sham reinsurance transactions between subsidiaries of AIG and Gen Re in response to analysts' criticism of a $59 million decrease in AIG's loss reserves for the third quarter of 2000.

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