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IN BRIEF / COURTS

U.S. Opens Criminal Investigation of AIG

September 30, 2004|From Reuters

The Justice Department has opened a criminal probe into whether American International Group Inc. helped a major banking client move bad loans off its books, AIG said.

The insurer said it thought the investigation related to a Securities and Exchange Commission probe into whether the company's AIG Financial Products Corp. unit helped PNC Financial Services Group Inc. cloak $762 million of bad loans, inflating PNC's profit by $155 million. AIG denies wrongdoing.

AIG shares rose 14 cents to $68.50 on the NYSE.

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