AIG settles longstanding fraud cases for $1 billion

Full Story at money.cnn.com

FORTUNE — The Ohio Attorney General’s office announced today that a class of three pension funds it represented in fraud complaints against AIG (AIG, Fortune 500) have settled with the federally-owned insurance giant for $725 million.

The statement reads in part, “The settlement resolves allegations of AIG’s wide-ranging fraud from October 1999 to April 2005 involving anti-competitive market division, accounting violations and stock price manipulation, and brings total expected recovery for AIG shareholders to over $1 billion. The settlement is subject to court approval.”

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