American International Group has agreed to settle for $970 million a lawsuit that accused the company of misleading investors about its financial condition in the mid-2000s.
The settlement was disclosed through AIG's quarterly earnings filing with the Securities and Exchange Commission Monday.
If approved by the U.S. Federal District Court in Manhattan, the total settlement amount will be among the largest recoveries ever achieved in a securities fraud class action stemming from the 2008 financial crisis, according to lawyers for Barrack Rodos & Bacine, who represent the lead plaintiff in the case, Michigan's state pension system.
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