US$843m to help harmed investors

Source: Agencies | May 21, 2009, Thursday |

Print Edition

A FEDERAL court has approved the distribution of more than US$843 million to harmed investors at insurer American International Group, the United States Securities and Exchange Commission said on Tuesday.

The court estimates that checks will soon be mailed to more than 257,000 AIG investors who were affected by an alleged accounting fraud at the company, the SEC said.

AIG, which has been propped up by billions of dollars in taxpayer funds, was charged with accounting fraud in 2006.

The SEC alleged that the insurer falsified its financial statements from at least 2000 until 2005 and reported misleading information about its financial condition.

The company, which did not admit or deny the allegations, had repaid its ill-gotten gains and penalties to the government. In 2007, a federal court authorized the SEC to establish a "fair fund."

Economy

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US$843m to help harmed investors

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