NU Online News Service, May 17, 2:00 p.m. EDT--American International Group has revealed in a regulatory filing that it plans to pay in advance legal fees and other related costs its directors may incur for pending lawsuits.
The New York-based insurance giant has been hit with a rain of lawsuits alleging management failure to prevent improper accounting had diminished AIG stock value.
According to AIG's Securities and Exchange Commission filing, the insurer has agreed to "advancement of expenses," which could include "attorneys' fees, actually and reasonably incurred by the director in the event that at any time he is or was a party or is threatened to be made a party to any threatened, pending, or completed action, suit or proceeding, whether civil, criminal, administrative or investigative."
Recommended For You
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
© 2025 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.
