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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