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02 Oct 2007
Shareholders of the American International Group (AIG) have renewed claims against PwC, the company's auditor, holding it liable for a £1.64bn regulatory settlement and a restatement.
Shareholders previously sued in 2004 and named ex-CIO chief executive Maurice 'Hank' Greenberg, former CFO Howard Smith, and PwC as defendants in the action.
But on Friday, they filed an amended complaint seeking damages from the auditors as well as several others, including Marsh & McLennan Cos Inc, ACE Ltd, and other current and former AIG directors, Reuters.com reported.
AIG, which ousted Greenberg and Smith, wrote off $3.92bn in profits between 2000 and 2004, and was forced to write down $2.26bn of shareholder equity.
In February 2006 the company agreed to pay $1.64bn in fines and restitution as a result of regulatory probes by New York's attorney general, the SEC and the Justice Department.
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