AIG reaches $40 mln settlement over retirement plans
NEW YORK, April 23 (Reuters) - American International Group Inc has reached a $40 million settlement of claims that it should not have offered company stock as an investment option in its retirement plans, because the stock was an imprudent investment.
The preliminary settlement was filed in Manhattan federal court, and requires court approval.
It resolves claims by participants in various AIG plans from August 2007 through May 2009, a period during which the insurer began receiving what became a $182.3 billion federal bailout. (Reporting by Jonathan Stempel in New York; Editing by Richard Chang)
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