AIG $24M Settlement To Pensioners Nears Approval

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...

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