November 24, 2004
A.I.G. Will Accept Monitor and Pay $80 Million to Close Inquiries
American International Group, the world's leading insurance company, has agreed to accept an independent monitor and to pay about $80 million to settle investigations into the sale of insurance that was used by companies to manipulate their earnings, people briefed on the investigations said yesterday.
The imposition of a monitor is unusual, and it represents a remarkable concession by a company that until recently had a reputation for standing up to regulators.
Posted by Tom Troceen