PricewaterhouseCoopers has reached a settlement with Ohio state over a class action securities fraud lawsuit.

The Big Four firm, had been named in the suit by three state pension funds alongside audit client American International Group (AIG) and its chief executive Hank Greenberg, but all have now agreed to a $97.5m (£56m) settlement, subject to approval by the U.S District Court for Southern New York, reported Reuters.

Shareholders had been seeking damages after AIG agreed to pay $1.64bn in fines and restitution in 2006 as a result of regulatory probes by New York's attorney general, the SEC and the Justice Department.

Further reading

AIG shareholders seek damages from PwC