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Report: Shareholders say N.Y. AG shouldn't be allowed to stop deal

By Jessica M. Karmasek | Sep 19, 2012


NEW YORK (Legal Newsline) - Lawyers for American International Group Inc. shareholders argued in a court filing this week that New York Attorney General Eric Schneiderman shouldn't be allowed to thwart a $115 million settlement between the shareholders and AIG's former chief executive.

According to Reuters, the $115 million deal, reached in 2009, would resolve claims over alleged improper accounting and other fraudulent practices at the insurance giant.

The case was previously handled by attorneys general Eliot Spitzer and Andrew Cuomo.

In a filing in the U.S. District Court for the Southern District of New York last month, Schneiderman asked that the settlement be rejected.

The attorney general is arguing that an expert for the shareholders made a "math error," causing the payout to be too low.

In response, lawyers for the shareholders said Tuesday that the error had "no significant effect" on the payout, according to Reuters.

From Legal Newsline: Reach Jessica Karmasek by email at jessica@legalnewsline.com.

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