Insurer AIG agrees to massive $725m fraud payout

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, reports the BBC. The court now needs to give its approval ...
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Added July 17, 2010
from Businessday Nigeria