The Second Circuit Court of Appeals in Manhattan (Federal) just overturned a 2008 conviction of 5 insurance executives from AIG and Genral Re. The executives had been out on bail pending the appeal . Each of the defendants was represented by nationally recognized appellate counsel.
The Appeals Panel held that the trial judge had unfairly prejudiced the jury by admitting into evidence certain information regarding AIG-stock and it's market fluctuations . Bottom line was that defendants were denied a "fair trial ". So the conviction is thrown out...and the local US Attorneys office must decide now whether to retry the "big 5". Lot of work and $ down the tubes!
And yes, it always helps to have wealthy defendants, and of course the best legal talent money can buy.
To be continued!
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