ERISA Plaintiffs Seek OK For $24.2M Deal With AIG

Law360, New York (June 23, 2008, 12:00 AM EDT) -- American International Group Inc. has agreed to pay $24.2 million to settle a class action by employees claiming the company's kickback and bid-rigging schemes caused their pensions to lose value.

The plaintiffs filed a motion on Friday in the U.S. District Court for the Southern District of New York, seeking the court's approval of the proposed settlement.

“[T]he settlement was reached after vigorous motion practice, extensive discovery and analysis of the relevant facts and applicable law, and protracted arm's-length negotiations, including two days of mediation conducted...
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