AIG agrees to pay $725M in settlement

Insurance company to give money to investors, including firefighters, teachers, librarians and other pensioners

Topics: U.S. Economy,

American Insurance Group Inc. and some of its directors and officers have agreed to a $725 million settlement to resolve allegations of wide-ranging fraud laid out in a class action suit led by three Ohio pension funds.

Ohio Attorney General Richard Cordray said Friday the latest figure will combine with previous AIG settlements to pay about $1 billion to investors, including firefighters, teachers, librarians and other pensioners. He characterized it as the 10th largest settlement of its kind in the U.S.

The lawsuit alleged anti-competitive market division, accounting violations, and stock price manipulation by AIG between October 1999 and April 2005.

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