AIG settles $725m accounting lawsuit
AIG to make payout after allegations of accounting fraud and stock price manipulation
AIG to make payout after allegations of accounting fraud and stock price manipulation
US insurance giant
AIG
has agreed to pay out $725m (£473m) in a settlement against a lawsuit brought by
three Ohio pension funds.
The payout follows a lawsuit alleging AIG had committed accounting fraud,
manipulated stock price and taken part in anti-competitive behaviour between
1999 and 2005.
Court approval is required before the payment can be made.
Further reading:
SEC
charges Gen Re for role in AIG accounting fraud
Former
AIG executives accused of accounting fraud
US
prosecutor probe targets ex-London chief in AIG collapse
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