Brookfield To Pay $905M To Resolve AIG Credit Swap Dispute

Law360, Los Angeles (August 23, 2013, 9:24 PM EDT) -- Canadian real estate investment firm Brookfield Asset Management Inc. has agreed to pay $905 million to American International Group Inc. in order to resolve litigation tied to a dispute over payments it owed on credit swap agreements, Brookfield announced Friday.

The agreement will terminate two related 25-year interest rate swap agreements executed in 1990 between Brookfield and AIG and four-year-old litigation related to the contracts that is pending in New York federal court, according to Brookfield.

Representatives of both AIG and Brookfield declined further comment on the settlement agreement. 

Toronto-based Brookfield and...
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