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Gen Re Settles AIG Securities Suit For $72M

Law360 (February 25, 2009, 12:00 AM EST) -- Ohio's attorney general announced Wednesday that General Reinsurance Corp. had agreed to pay $72 million to settle a securities class action related to an alleged bid-rigging scheme and the dissemination of false and misleading statements at American International Group Inc.

Attorney General Richard Corday's office is litigating the case in the U.S. District Court for the Southern District of New York on behalf of the Ohio Public Employees Retirement System, State Teachers Retirement System and Ohio Police and Fire Pension Fund.

“The $72 million proposed settlement...
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