Ill. Pension Fund Slaps AIG With Securities Fraud Suit

Law360, New York (May 21, 2013, 5:41 PM EDT) -- An Illinois pension fund on Friday sued American International Group Inc. and current and former executives in New York federal court, saying the insurer schemed to artificially inflate the value of its securities while concealing a risky portfolio that led to a 97 percent drop in AIG's stock price.

The Teachers' Retirement System of the State of Illinois said between March 2006 and September 2008, AIG and its executives made false and misleading statements about the company's financial condition, concealing the scope and riskiness of its...
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