AIG agrees to pay $725M in settlement

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


Julie Carr Smyth
July 17, 2010 1:23AM (UTC)

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.

Advertisement:

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


Julie Carr Smyth

MORE FROM Julie Carr Smyth

Related Topics ------------------------------------------

U.s. Economy

BROWSE SALON.COM
COMPLETELY AD FREE,
FOR THE NEXT HOUR

Read Now, Pay Later - no upfront
registration for 1-Hour Access

Click Here
7-Day Access and Monthly
Subscriptions also available
No tracking or personal data collection
beyond name and email address

•••






Fearless journalism
in your inbox every day

Sign up for our free newsletter

• • •