Joe Guillen, The Plain Dealer
COLUMBUS, Ohio — The Ohio attorney general’s office on Friday announced a $725 million class action settlement it reached with insurance giant American International Group Inc., which stood accused of defrauding three Ohio public pension funds and other investors.
It is the fourth and final settlement in the case against AIG, the primary defendant in the suit filed in 2004.
The total amount expected to be recovered is more than $1 billion.
Attorney General Richard Cordray said it’s too early to tell exactly how much money will be returned to the Ohio pension funds, which he represented. Pension funds from across the country also are involved.
The litigation is tied to conduct investigated by then-New York Attorney General Eliot Spitzer in 2004, according to Bloomberg News.
“This historic settlement is an excellent result for all shareholders harmed by AIG’s misconduct, including Ohio’s teachers, firefighters, police officers and public employees,” Cordray said at a news conference announcing the settlement.
Story Compliments Of The Plain Dealer
