Spitzer, SEC Nail $1.6B Settlement In AIG Probe

Law360, New York (February 9, 2006, 12:00 AM EST) -- In a big win for federal prosecutors, insurance giant American International Group has agreed to pay $1.64 billion to settle charges of bid rigging and accounting fraud.

The settlement, in which AIG has agreed to pay a total of $1.64 billion, will be divided between the New York Attorney General’s office and the Securities and Exchange Commission.

AIG will pay $800 million, $100 million of which is a fine levied by the SEC to a fund that will be supervised by the agency. The fund will...
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