AIG Hands Calif. City $1M To Quell Mudslide Claims

Law360, New York (July 25, 2012, 6:05 PM EDT) -- An American International Group Inc. unit will pay $1.1 million to settle Glendale, Calif.'s lawsuit seeking coverage of $15 million it dropped on litigation blaming the city's drainage system for property damage after a major 2005 rainstorm, an AIG spokesman said Wednesday.

Glendale slapped The Insurance Co. of the State of Pennsylvania with the suit in 2009 to recoup the more than $12 million it shelled out to settle the underlying claims, along with the nearly $3.4 million it spent on the plaintiffs' and its own...
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