Spitzer, SEC Nail $1.6B Settlement In AIG Probe

Law360, New York (February 9, 2006, 12:00 AM EST) -- In a big win for federal prosecutors, insurance giant American International Group has agreed to pay $1.64 billion to settle charges of bid rigging and accounting fraud.

The settlement, in which AIG has agreed to pay a total of $1.64 billion, will be divided between the New York Attorney General’s office and the Securities and Exchange Commission.

AIG will pay $800 million, $100 million of which is a fine levied by the SEC to a fund that will be supervised by the agency. The fund will...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.