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    AIG settles $725m accounting lawsuit

    AIG settles $725m accounting lawsuit

    AIG to make payout after allegations of accounting fraud and stock price manipulation

    Author Writer Date published July 19, 2010 Categories

    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

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