$450M Deal In AIG Workers' Comp Suit Wins Initial OK

Law360, New York (July 25, 2011, 11:21 PM EDT) -- American International Group Inc. said Monday it has won preliminary approval for a $450 million settlement in a class action alleging the insurance giant underreported premiums in a workers' compensation insurance pool, overcoming objections that the deal was unfair.

"AIG is pleased that the court stated today that it will grant preliminary approval of the proposed settlement," AIG spokesman Mark Herr said. "AIG is optimistic that the proposed settlement will soon receive final approval as a fair and appropriate resolution of this litigation."

The proposed settlement...
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