Insurer AIG agrees to massive $725m fraud payout
Posted by defensebaseactcomp on July 19, 2010
The US insurance giant AIG has agreed to pay $725m (£474m) to settle a long-running fraud case against it.
The settlement is likely to be one of the biggest in US history, following a class action lawsuit led by three Ohio pension funds.
They alleged that AIG had engaged in stock price manipulation, anti-competitive behaviour and accounting fraud between 1999 and 2005.
That, they say, resulted in shareholders losing millions.
The court now needs to give its approval before payments can be made. Read the entire story here.