AIG is facing a class-action lawsuit that claims the...
AIG is facing a class-action lawsuit that claims the insurer led employees to invest in the company's savings plan while concealing improper activities that drove down the value of AIG stock.
The suit, filed today in US District Court in New York by the law firm Mager, White & Goldstein, charges AIG violated the Employee Retirement Income Security Act by failing to disclose improper business practices that diminished its stock value.
AIG is accused of leading employees to invest in its stock while claiming strong growth and positive results, but failing to disclose the company's involvement in contingent commissions since 1 November 1998.
Mager, White & Goldstein issued a statement seeking current and former AIG employees to come forward.
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