Source Pravda.Ru

American International Group Inc settles payments' suit

A major American insurance corporation, American International Group, Inc. (AIG) (NYSE: AIG; TYO: 8685), has reached settlements with nine states and the District of Columbia on payments investigations.

Among the states are Florida, Hawaii, Maryland, Michigan, Oregon, Texas, West Virginia, Massachusetts and Pennsylvania.

The corporation’s involvement in practices of bid rigging and contingent commissions was resolved by the $12.5 million settlement.

It’s not the first case of fraud in AIG’s practice. On October 14, 2004 the New York State Office of Attorney General Eliot Spitzer announced that it had commenced a civil action against Marsh & McLennan Companies for steering clients to preferred insurers with whom the Company maintained lucrative payoff agreements, and for soliciting rigged bids for insurance contracts from the insurers. The Attorney General announced in a release that two AIG executives pleaded guilty to criminal charges in connection with this illegal course of conduct.

On February 9, 2006, AIG and the New York State Attorney General's office agreed to a settlement in which AIG would pay a fine of $1.6 billion.

AIG is going to cooperate with investigators, but denies allegations and does not admit liability.

Photo: www.wikipedia.org

Comments
The end of the theory of a Nobel Prize in chemistry?
US sanctions to kill Russian banks and sovereign debt?
Russia starts Star Wars first. USA concerned and puzzled
Russia starts Star Wars first. USA concerned and puzzled
US sanctions to kill Russian banks and sovereign debt?
Turkey and USA take their relationship to breaking point
Iran shows new ICBM that can evade radars
USA and Turkey: The elephant kicks the barking pug aside
Venezuela: Once again, interference from the USA in Latin America
Venezuelan President Maduro: USA fatally obsessed with Russia
Russian government prepares to get rid of US dollar in economy
Russia's long-range Bastion system follows USS Carney in Black Sea waters
Russian government prepares to get rid of US dollar in economy
Russian government prepares to get rid of US dollar in economy
Russian government prepares to get rid of US dollar in economy
Turkey desperately tries to rescue its national currency as it falls to all-time lows
Turkey desperately tries to rescue its national currency as it falls to all-time lows
US sanctions to kill Russian banks and sovereign debt?
Russia builds new robotic tank invulnerable to mines
Russia builds new robotic tank invulnerable to mines
Russia starts Star Wars first. USA concerned and puzzled