AIG Agrees to $725 Million Payout in Fraud Case

Insurance giant AIG has agreed to pay out $725 million to settle a fraud case tied to a class action lawsuit filed by three Ohio pension funds.

According to the lawsuit AIG stood accused of stock manipulation, anti-competitive behavior and accounting fraud between 1999 and 2005, all actions that led to investors losing millions.

While AIG has agreed to the massive settlement the payout still has to be approved by the court. AIG has said they would make an initial payment of $175 million and raise the additional $550 million by issuing new shares.

AIG is currently 80% owned by the U.S. government following the landmark bailout that came in the wake of its collapse.

Click here for more Business News

About WooEB

WooEB Community is a business, music and social networking community. WooEB provides members with a wealth of applications that enable them to create an in-depth profile within the community. Profiles include an About Me, Background and Lifestyle, Videos, Photo sharing, News, Music, Blogs, unique URL and networking with other members inside the WooEB community. WooEB provides ADit to each member providing them the opportunity to have an exclusive profile (no outside advertising) displaying only banner ads they upload to their pages. Members can run their own ads or give or sell their ad space to advertisers at prices the member sets.

To create your profile sign up and within minutes you too can have your People profile running your ads and building your network with new members daily.