Pension Fund Sues AIG Over Risky Investments

Law360, New York (May 22, 2008, 12:00 AM EDT) -- A group of shareholders has accused insurance Goliath American International Group Inc. of federal securities fraud for covering up the extent of its exposure to collateralized debt obligations in the residential mortgage market, which has notoriously tanked over the past year.

The Jacksonville Police and Fire Pension Fund filed a proposed class action Wednesday against AIG and several executives in the U.S. District Court for the Southern District of New York on behalf of shareholders from May 11, 2007 to May 9 of this year....
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