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PwC to settle suit over AIG

October 04, 2008|From Times Wire Reports

PricewaterhouseCoopers will pay $97.5 million to settle a lawsuit claiming the accounting firm helped mislead investors in American International Group Inc.

A tentative settlement of the suit was announced by Ohio Atty. Gen. Nancy Rogers, who is prosecuting the case on behalf of plaintiffs including the Ohio Public Employees Retirement System.

An investigation by then-New York Atty. Gen. Eliot Spitzer and U.S. regulators triggered a $3.9-billion earnings restatement by AIG in May 2005 and led to the ouster of Maurice "Hank" Greenberg, who had been chief executive of the company for almost 40 years.

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