A U.S. District Court judge has approved a $725 million securities class action settlement against American International Group, Inc. (AIG), which was accused of accounting fraud, collusion and stock price manipulation, according to a press release from Ohio Attorney General Mike DeWine's office. This clears the way for three Ohio public fund pensions (Ohio Public Employees Retirement System, State Teachers Retirement System of Ohio, and Ohio Police and Fire Pension Fund) as well as numerous Ohio shareholders to recover money, the release said. Combined with other settlements that are part of the total case involving AIG, the "total recovery for AIG shareholders is expected to exceed $1 billion, making it one of the largest securities class action settlements in U.S. history."
$725 million AIG settlement to aid Ohio pension funds and shareholders
