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Rejecting $960M Deal, GE Sues AIG For Securities Fraud

Law360, New York (February 12, 2015, 2:49 PM EST) -- General Electric Inc.’s pension and investment funds hit American International Group Inc. with a lawsuit in New York federal court this week, reviving allegations from a class suit settled last year that the insurance giant lied to investors about the exposure of billions worth of mortgage-backed transactions even while the housing market crumbled.

Five GE trusts, including its pension benefit trust and retirement savings plan, lost “significant” amounts of money by purchasing AIG stock between 2006 and 2008 on optimistic forecasts made by the insurer’s top executives that the company was doing well, despite knowing that billions worth of credit default...

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Attached Documents



Case Information

Case Title

Subscribers Only

Case Number

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New York Southern

Nature of Suit



Subscribers Only

Date Filed

February 8, 2015