Fresh Trouble At AIG As SEC Sends Wells Notices

Law360, New York (November 15, 2005, 12:00 AM EST) -- Unnamed employees at insurance giant American International Group Inc. (AIG) have received notices of an impending investigation from the Securities and Exchange Commission, according to the company’s chief executive officer Martin Sullivan.

The so-called Wells Notices, intended to give recipients a chance to reply prior to the investigation, arrived from the SEC as the New York-based company reported to investors $1.6 billion in losses for the quarter. The losses were attributed chiefly to hurricanes Katrina and Wilma, which collectively devastated the Gulf region and southern Florida....
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