AIG wins court approval of $970.5M settlement with investors
March 26, 2015 by Patricia Hurtado
(Bloomberg) — American International Group Inc. won court approval of a $970.5 million settlement with investors who accused the insurer at the onset of the financial crisis of misleading them about risks tied to subprime mortgages.
The investors, urging a federal judge to approve the accord, called it one of the largest securities class action recoveries stemming from the 2008 financial crisis.
AIG was sued that year by investors who said the New York-based company misstated its exposure to the subprime mortgage market through its securities lending program and its credit-default swap portfolio. Click HERE to read