AIG settles $725m accounting lawsuit

AIG settles $725m accounting lawsuit

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

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource