AIG Unit To Pay $40M Over Deceptive Retirement Plan Sales

Law360 (July 28, 2020, 11:15 AM EDT) -- An AIG unit has agreed to pay $40 million to settle two actions brought by the U.S. Securities and Exchange Commission over undisclosed payments to a for-profit entity owned by Florida teachers' unions in exchange for exclusive business and further conflicts of interest, the agency said Tuesday.

An AIG unit has agreed to pay $40 million to settle two SEC actions, the agency said Tuesday. (AP Photo/Mark Lennihan) VALIC Financial Advisors Inc. and its parent, The Variable Annuity Life Insurance Company, a subsidiary of AIG, had been engaged for 13 years in making payments in exchange for an exclusive endorsement from...

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