AIG Slapped With Investor Action Over Complex Equities

Law360, New York (January 26, 2012, 1:31 PM EST) -- An American International Group Inc. shareholder lodged a proposed class action against the insurance giant and its board of directors on Wednesday, accusing them of creating overly complex financial products designed to raise sorely needed capital at the expense of unsophisticated public investors.

As part of an effort to rebound from the devastating 2008 financial crisis, AIG sold equity units on the New York Stock Exchange under the ticker symbol AIGpA, according to the complaint. Despite the lowercase "p" — a common indicator of preferred shares...
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

CAMPBELL v. AMERICAN INTERNATIONAL GROUP, INC. (AIG) et al


Case Number

1:12-cv-00115

Court

District Of Columbia

Nature of Suit

Stockholders Suits

Judge

Rudolph Contreras

Date Filed

January 23, 2012

Law Firms

Companies

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.