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WOLF POPPER LLP FILES ERISA CLASS ACTION AGAINST AMERICAN INTERNATIONAL GROUP, INC.
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NEW YORK -- December 1, 2004: Wolf Popper LLP has filed a lawsuit in U.S. District Court for the Southern District of New York on behalf of participants or beneficiaries of the American International Group, Inc. ("AIG" or the "Company") 401(K) Savings Plan (the "Plan") for violations of the federal pension law (ERISA) in connection with the loss of value in AIG stock (NYSE: AIG) acquired and held by present and former employees of AIG through the Plan. The goal of this litigation is to recover damages sustained by the participants or beneficiaries of the Plan. The lawsuit alleges that the fiduciaries of the AIG Plan violated their fiduciary duties by causing participants to invest and/or maintain an investment in AIG stock from November 1, 1998 to the present (the "Class Period"), during which time AIG failed to disclose certain improper business practices. In particular, during the Class Period, AIG touted itself as experiencing strong, sustainable growth, and as continuing to demonstrate positive results, when in truth, AIG was engaged in a plan whereby AIG paid so-called "contingent commissions"or kick-backs to certain brokers in exchange for "steered" business from the broker; in addition, AIG was a major participant in a "bid-rigging" scheme created to shield itself and certain other insurance companies from competition. These business practices were illegal and inflated AIG’s revenue and income, and, thus, the Company’s stock price. Moreover, because of AIG’s central involvement in the scheme, the Company has been exposed to massive penalties and/or fines. Wolf Popper LLP has extensive experience representing shareholders in class actions and has successfully recovered billions of dollars for defrauded investors and shareholders. If you are a current or former employee of AIG, or a subsidiary of AIG, who acquired or held AIG stock through the AIG Plan between November 1, 1998 and the present, and you are interested in recovering losses or if you have information which might assist us in the investigation of these allegations, please call or write: Wolf Popper LLP • Michael A. Schwartz, Esq. or James Kelly-Kowlowitz • 845 Third Avenue • New York • NY 10022 Tel.: 212.759-4600 • Toll Free: 877.370.7703 Fax: 212.486.2093 • Toll Free Fax: 877.370.7704 Email: irrep@wolfpopper.com • website: www.wolfpopper.com |
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