AIG Pays $960M To Settle Securities Fraud Class Action

Law360, Los Angeles (August 4, 2014, 10:38 PM EDT) -- American International Group Inc. will shell out $960 million to settle a consolidated securities class action alleging the insurer misrepresented the value of credit default swaps between 2006 and 2008, costing investors billions, the company said in a filing with the U.S. Securities and Exchange Commission on Monday.

The investors, led by the state of Michigan, said the proposed settlement was among the largest ever reached in a securities fraud class action stemming from the 2008 financial crisis, according to statements from the plaintiffs’ attorneys. The...
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