AIG has agreed to accept an independent monitor and to pay $80m to settle investigations into the sale of insurance that was used by US companies to manipulate their earnings, reports said today.
The imposition of a monitor was unusual, reports said. The move represents a concession by a company that until recently had a reputation for standing up to regulators.
AIG said in a statement yesterday that it had made a settlement offer to the US Securities and Exchange Commission and had reached an agreement in principle with the US Justice Department.
The company offered no details on the terms of the settlements.
But the announcement made an impact on the company's share price, which increased 2.2%, to $64.20 yesterday.
