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    PwC settles AIG lawsuit

    PwC settles AIG lawsuit

    PwC, AIG and its former chief executive reach $97.5m settlement over class action lawsuit

    Author Date published October 7, 2008 Categories

    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

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