Suit Alleges AIG Brokers Took Kickbacks

Law360, New York (April 10, 2006, 12:00 AM EDT) -- A class action lawsuit has been filed against American International Group's mutual fund Advisor Group alleging that its broker/dealers purposely pushed and sold funds to individuals under the AIM mutual fund family so they would receive certain kickbacks.

This is the first suit filed against AIG’s brokerage unit accusing its employees of taking paybacks for soliciting specific funds to customers. AIG Advisor Group is an affiliate of insurance giant American International Group Inc.

The complaint alleges that during June 30, 2005 and June 8, 2005, AIG...
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