2nd Circ. Clears Out AIG Shelf-Space Class Action

Law360, New York (February 17, 2009, 12:00 AM EST) -- A federal appeals court handed American International Group a victory Friday in a lawsuit alleging that an investment arm of the insurance giant engaged in a kickback scheme involving a group of mutual funds over the first half of the decade.

The U.S. Court of Appeals for the Second Circuit upheld a lower court ruling dismissing the class action on summary judgment in September 2007, but did so on different legal theories than the lower court.

A group of mutual fund shareholders filed the original complaint...
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