Gen Re's $72M Settlement In AIG Suit Wins OK

Law360, New York (September 10, 2013, 7:19 PM EDT) -- A federal judge on Tuesday approved a $72 million settlement to end a securities fraud class action in which American International Group Inc. shareholders alleged General Reinsurance Corp. aided a $3.9 billion AIG accounting fraud.

U.S. District Judge Deborah Batts approved the settlement, first announced in 2009, at a hearing in Manhattan federal court. 

“The court finds the proposed settlement to be fair, reasonable and adequate,” Judge Batts said.

AIG shareholders had targeted Gen Re, a Berkshire Hathaway subsidiary, for executing a $500 million reinsurance transaction...
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