2nd Circ. Clears Out AIG Shelf-Space Class Action

Law360 (February 17, 2009, 12:00 AM EST) -- A federal appeals court handed American International Group a victory Friday in a lawsuit alleging that an investment arm of the insurance giant engaged in a kickback scheme involving a group of mutual funds over the first half of the decade.

The U.S. Court of Appeals for the Second Circuit upheld a lower court ruling dismissing the class action on summary judgment in September 2007, but did so on different legal theories than the lower court.

A group of mutual fund shareholders filed the original complaint...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.