(Reuters) - A New York appeals court on Tuesday gave former American International Group Inc. Chief Executive Maurice "Hank" Greenberg a partial victory in the state's fraud lawsuit against him over two suspect reinsurance transactions, but cleared the way for the case to go to trial.

The appeals panel said a lower court judge was premature to hold Greenberg and former AIG Chief Financial Officer Howard Smith liable in October 2010 for damages over an auto warranty insurance transaction with Capco Reinsurance Co, which the state called a sham that helped AIG hide more $200 million of losses.

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