American International Group (AIG) agreed to pay over $1.6 billion to settle allegations of fraud, bid-rigging and improper accounting brought by the State of New York and the S.E.C. Below are links to the press releases and the original settlement agreement and S.E.C. complaint.
AIG Settles Fraud, Bid-rigging And Improper Accounting Charges (Press Release - New York State Ins. Dept., Feb. 9, 2006)
Signed Settlement Agreement (PDF - 56 pages) (Dated Jan. 18, 2006, announced Feb. 9, 2006).
The Settlement Agreement references a Summons and Complaint (PDF, 38 pages) filed May 26, 2005.
AIG to Pay $800 Million to Settle Securities Fraud Charges by SEC; Press Release No. 2006-19; February 9, 2006 (U.S. Securities and Exchange Commission)
SEC v. AIG Complaint 06 CV 1000(PDF - 29 pages)(filed Feb. 9, 2006)
Thanks to Marc Mayerson's Insurance Scrawl for the pointer to these primary sources on AIG's settlement. Insurance Scrawl: AIG Settles NY State Charges and Buys Insurance Against Future Liability (Feb. 9, 2006)
Posted by dougsimpson at February 10, 2006 03:20 PM