Insurer must pay shareholders over false statements
AIG will have to pay $843m to 257,000 investors harmed by its misleading accounting statement the Securities and Exchange Commission has said.
The funds were set aside after the insurer settled allegations that it had falsified its financial statements between 2000 and 2005 through a variety of sham transactions and entities.
AIG consented to a federal court judgment in the case in February 2006 and agreed to pay $800m into a fund for investors that would be administered by the SEC. The insurer did not admit or deny the allegations.
The distribution of cheques to investors follows an effort by the SEC to identify those investors who were directly harmed by the AIG’s misstatements.
The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.
