PracticeAuditPwC settles AIG lawsuit

PwC settles AIG lawsuit

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

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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