AIG Settles $725 Million Accounting Fraud Suit

American International Group Inc. agreed on July 16 to pay $725 million to settle a lawsuit brought by three Ohio pension funds in 2004 for accounting fraud, bid-rigging and stock price manipulation. An investigation of the funds unearthed a variety of accounting irregularities.

"No privileged few are entitled to play by different rules than the rest of us," Ohio Attorney General Richard Cordray said during a news conference.

Chelsea Hennessy

Bio and more articles

Join the Conversation

Advertisement. Closing in 15 seconds.