New York Attorney General Eliot Spitzer and State Insurance Superintendent Howard Mills filed a lawsuit against the nation's largest business insurer, alleging that the firm manipulated its books to deceive regulators and investors.

The lawsuit alleges that American International Group's former top management, including former chairman Maurice R. Greenberg and former chief financial officer Howard I. Smith, engaged in fraudulent transactions that exaggerated the strength of the company's core underwriting business to prop up its stock price.

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