Participants in the American International Group employee savings plan have filed a prospective class-action suit against the insurer, alleging that illegal acts by management hurt their investment.
The suit on behalf of beneficiaries of the AIG 401(k) savings plan was announced by the Coral Springs, Fla.-based law firm Mager White & Goldstein LLP.
According to a complaint filed in New York's U.S. District Court in Manhattan, AIG violated the Employee Retirement Income Security Act (ERISA), decreasing the value of AIG stock held by current and past employees of AIG through the plan. AIG declined to comment on the litigation.
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