AIG, Regulators Near $1.5B Settlement

Law360, New York (February 6, 2006, 12:00 AM EST) -- Federal prosecutors and American International Group are expected to ink a $1.5 billion settlement this week, marking a distinct victory for New York Attorney General Eliot Spitzer and bringing an end to the investigation into an alleged multimillion dollar accounting fraud at the insurance giant.

The settlement would end both the criminal investigation initiated by Spitzer and the civil probe conducted by the Securities and Exchange Commission.

Spitzer has been in pursuit of AIG for nearly four years, first looking into allegations of bid rigging at...
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