A U.S. judge on Tuesday approved a $72 million settlement to resolve shareholder claims that Berkshire Hathaway Inc's General Re Corp engaged in a sham deal that helped inflate American International Group Inc's reserves.
Approval of the settlement brings to an end nine years of shareholder litigation surrounding AIG's accounting practices and brings the total of approved settlements to more than $1 billion.
U.S. District Judge Deborah Batts, who approved the settlement at a hearing in Manhattan, said the accord was a "long time coming" and would close out the AIG litigation before her.
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