Investors and analysts who follow American International Group boosted the company's stock yesterday when a civil suit filed by New York authorities against the company produced no new allegations of wrongdoing.
AIG stock soared more than 3 percent on the New York Stock Exchange. The action filed by New York Attorney General Eliot Spitzer and New York State Insurance Superintendent Howard Mills names as defendants AIG as well as two of its ex-executives, former Chief Executive Maurice Greenberg and former Chief Financial Officer Howard Smith, for allegedly manipulating AIG's accounting.
William Wilt, analyst from New York-based Morgan Stanley, noted in his research note that investors have "already warmly greeted the absence of heretofore unknown allegations" emerging from the complaint.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
