In one of the largest settlements in private securities litigation related to the financial crisis, American International Group Inc. has agreed to pay $960 million to resolve claims that it misled shareholders about its subprime exposure.
The settlement, first announced by AIG in a regulatory filing on Monday, resolves a batch of investor class actions consolidated in U.S. district court in Manhattan. Plaintiffs lawyers were seeking certification of a class of investors who purchased AIG stock and bonds in the two years leading up to its massive stock drop and government bailout on September 16, 2008.
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