BusinessCompany NewsAIG to pay record fee in SEC settlement

AIG to pay record fee in SEC settlement

World's biggest insurer to pay up over accounting abuse allegations

Reports suggest American International Group will settle its case with the US
watchdog, the Securities and Exchange Commission, over allegations of accounting
abuses.

The insurer is expected to pay $800m (£455m) to resolve an investigation by
the SEC into alleged accounting irregularities at the company and it is also
expected to pay an additional $800m after an investigation by Eliot Spitzer, the
New York state attorney-general, which also focused on alleged financial
reporting abuses, The Washington Post reported.

AIG corrected its financial statements for 2000, 2001, 2002 and 2003 in May
last year after finding multiple accounting irregularities.

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