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AIG Settles With AG For $58.5M

Law360 (May 14, 2007, 12:00 AM EDT) -- The Massachusetts Attorney General’s Office said Monday that it has reached a $58.5 million settlement with American International Group Inc., the workers’ compensation carrier for the nearly $15 billion “Big Dig” construction project.

The settlement, which includes $26 million in losses to the state plus interest, allegedly represents 15 years of unpaid surplus funds. AIG has agreed to pay most of the funds immediately to address the Big Dig’s financial needs, and it will pay the remainder by May 22, the AG’s office said.

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