Lawsuit filed by Spitzer, Mills seeks injunctive relief, damages, profit disgorgement; investigation continues
The attorney general and insurance superintendent of New York announced that they have filed a civil suit against American International Group alleging that former company executives used improper accounting practices to pump up earnings and to deceive investors and regulators.
The suit, filed in the Supreme Court of the State of New York, County of New York, last Thursday against the New York-based insurance giant, claims the company "engaged in misleading accounting and financial reporting, projecting an unduly positive picture of AIG's underwriting performance for the investing public."
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