AIG settles Ohio class action suit for $725mn
American International Group (AIG) has agreed to pay $725mn to settle a class action suit brought by state pension funds that alleged the group engaged in accounting frauds and misled its investors between 1999 and 2004.
The suit was brought in the Southern District of New York Court in October 2004, with the Ohio Public Employees Retirement System as lead plaintiff.
To settle the case the insurance giant will pay over $175mn immediately and has the right to raise the...
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