Law360 (July 7, 2008, 12:00 AM EDT) -- A judge has tentatively approved American International Group Inc.'s $24.2 million offer to settle employees' charges that the insurance giant's kickback and bid-rigging schemes caused pensions to lose value.
On July 1, Judge John E. Sprizzo of the U.S. District Court for the Southern District of New York preliminarily approved the plaintiffs' June motion outlining the deal and scheduled a fairness hearing for Oct. 7.
"The proposed settlement resulted from informed, extensive arm's-length negotiations and a mediation before the Honorable Layn R. Phillips; class counsel has concluded that the proposed settlement is fair, reasonable and adequate; and the proposed settlement is...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!