AIG Hit With ERISA Suit Over Plummeting Share Price

Law360, New York (September 17, 2008, 12:00 AM EDT) -- Hours before the U.S. government announced a bailout of the beleaguered American Insurance Group Inc., a former employee launched a class action in Manhattan federal court claiming the insurer's pension plan invested in its own poorly performing common stock, causing millions of dollars in losses.

The employee, Wendy Mimms, filed a complaint in the U.S. District Court for the Southern District of New York on Tuesday, the same day the Federal Reserve announced it would loan the insurer $85 billion to keep it afloat.

The 48-page...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.