A law office recently announced that an insurance company finalized a securities class action settlement offering that would settle an issue from 2008.
Law firm Barrack, Rodos and Bacine announced that American International Group, Inc., reached a settlement with shareholders regarding litigation that was filed in the U.S. District Court for the Southern District of New York. If approved by the court, it would provide shareholders with approximately $970.5 million. Shareholders who acquired stock during the class period between March 16, 2006 and Sept. 16, 2008 would be affected by this decision.
The court approving this action would make it one of the most significant securities class action settlements for issues related to the financial crisis. The law office's client in the case was the State of Michigan Retirement Systems.
"We are honored to have served as a lead counsel for this case and to have achieved this recovery for the class," said Jeffrey Golan, member of Barrack Rodos and Bacine and primary counsel in the lawsuit. "We also congratulate Michigan's State Treasurer, Attorney General and the State of Michigan Retirement Systems, who stepped up to the plate to oversee the prosecution of this important case, and encourage all members of the class to retain their records showing their purchases, sales and holdings of AIG stock and other securities within the class period, pending the Court's consideration of the settlements."
It is an option for shareholders to speak with the law office to learn more about this settlement. A representative can be reached by telephone, while it is also possible to send a letter by mail. Further details are available on the law office's website.
Further case details
The lawsuit was initially filed in 2008 by Barrack Rodos and Bacine, and The State Treasurer of Michigan acted as lead counsel and the custodian for multiple parties. These included the State Employees' Retirement System, the Michigan State Police Retirement System, the Michigan Public School Employees Retirement System and the Michigan Judges Retirement System.
This case noted that the claims were against the executives and the members of the board of directors at AIG, as well as PricewaterhouseCoopers and other underwriters of AIG's public offerings. The allegations in the case surrounded a number of statements that may have been false or misleading, thus potentially violating federal securities laws.