January 25, 2007 |
American International Group Inc. offered $690 million in cash for the shares of auto insurer 21st Century Insurance Group it doesn't already own. AIG proposed $19.75 a share, a 19% premium over Woodland Hills-based 21st Century's closing price, the New York-based company said. AIG already owns 61.9% of the outstanding shares.
October 3, 2006 |
Former American International Group Inc. Chief Executive Maurice "Hank" Greenberg won the right to see attorney memos that were turned over to New York Atty. Gen. Eliot Spitzer before the state accused him of fraud. Charles Ramos, a judge in New York state's trial court, said Greenberg was entitled to some memos drafted by lawyers working for AIG that were later used in a report that Spitzer used as part of his settlement with AIG.
CALIFORNIA | LOCAL
April 10, 2006 |
The Los Angeles Board of Education is locked in a high-stakes legal battle over a $100-million insurance policy it bought to cover the rising costs of cleaning school construction sites contaminated with toxic substances.
April 6, 2006 |
The NASD fined a unit of American International Group Inc. more than $1.1 million Wednesday for alleged directed brokerage violations. The NASD, formerly the National Assn. of Securities Dealers, said that from January 2002 through September 2003, American General Securities Inc. operated a "shelf space," or revenue sharing, program in which participating mutual fund companies paid a fee in return for preferential treatment.
February 17, 2006 |
A judge limited a $1-billion lawsuit against executives of American International Group Inc., the world's largest insurer, to three defendants, including former Chief Executive Maurice "Hank" Greenberg. Delaware Chancery Court Judge Leo Strine Jr. dismissed 10 outside directors from the suit, filed by shareholders led by the Teachers Retirement System of Louisiana. The suit challenges fees paid by New York-based AIG to C.V. Starr & Co., a private insurance firm controlled by Greenberg.
February 7, 2006 |
American International Group Inc., the world's largest insurer, is on the verge of settling federal and state charges of fraud and other misconduct for a record payment of at least $1.5 billion, sources close to the case said Monday. Moving to end a long-running investigation of the company, AIG is expected to say -- possibly as soon as Thursday -- that it has settled with New York Atty. Gen.
February 3, 2006 |
Three former executives at Berkshire Hathaway Inc.'s General Re Corp. insurance unit and a former American International Group Inc. executive have been indicted by a federal grand jury on charges of fraud and conspiracy, the Justice Department announced Thursday. The indictment was returned by a grand jury in Norfolk, Va., charging the former executives with conspiring to make AIG's finances appear better than they were.
January 14, 2006 |
American International Group Inc. may be close to a settlement with state and federal regulators to resolve allegations that the insurance giant used accounting tricks to manipulate earnings, investors said Friday. "They have to put all the investigations behind them and stabilize the situation and finalize a settlement," said Nicholas Xie, an analyst at Philadelphia-based PNC Advisors, which held 3.8 million AIG shares at the end of September. "The worst is behind them."
September 21, 2005 |
American International Group, one of the world's largest insurers, said Tuesday that it expected $1.1 billion in after-tax losses for the third quarter, mainly because of claims from Hurricane Katrina. The estimate from the New York-based firm is among the highest released so far by global insurance and reinsurance firms. Risk assessment firms have estimated that Katrina -- which hit Louisiana, Alabama and Mississippi on Aug. 29 -- could result in insurance claims of $40 billion to $60 billion.