New York Paralegal Blog

Today Attorney General Cuomo sent the attached letter to Edward Liddy, the CEO of AIG. The letter sets forth that: (1) AIG will freeze any payments under former-CEO Martin Sullivan's $19 million contract; and (2) AIG has confirmed that no payments will be made out of the $600 million compensation and bonus pools of the Financial Products subsidiary. The letter also states the Attorney General's position that taxpayers should be repaid before any executives and that new executive pay structures should eliminate improper incentives.

ALBANY, N.Y. (September 10, 2008) – Attorney General Cuomo today warned landowners of potential perils and strong-arm tactics when dealing with oil and gas exploration companies. His office released new materials and guidelines to protect consumers and ensure they get the best deal for their land should they choose to become involved in an oil or gas exploration lease. The Attorney General’s Office has become aware of potentially misleading or improper tactics used by certain exploration and development companies to obtain leases from landowners. The office is investigating a significant number of complaints from landowners regarding these tactics and urges anyone who believes they have been defrauded by an unscrupulous representative of a gas exploration company to contact his office at 800-771-7755. A new downloadable tip sheet and brochure can be found online at www.oag.state.ny.us/bureaus/environmental/consumer_guides.html . More...

NEW YORK, NY (August 15, 2008) - Attorney General Andrew M. Cuomo today announced another agreement to provide liquidity to consumers who purchased auction rate securities. Under the latest agreement, Wachovia Securities, LLC and Wachovia Capital Markets, LLC (collectively, “Wachovia”) will return over $8.5 billion to investors across New York State and the nation. The agreement settles allegations that Wachovia made misrepresentations in its marketing and sales of auction rate securities. Wachovia marketed and sold auction rate securities as safe, cash-equivalent products, when in fact they faced increasing liquidity risk. Within the past eight days, Cuomo has signed agreements restoring nearly $35 billion of liquidity to thousands of investors nationwide. Under Cuomo’s settlement, Wachovia has agreed to buy back, no later than November 28, 2008, all illiquid auction rate securities from all Wachovia retail customers, charities, and small businesses. Wachovia will also pay damages to ...