In Re AIG, Inc. 2008 ERISA Litigation
July 2008 - A class action filed in the U.S. District Court for the Southern District of New York on behalf of participants and beneficiaries of the AIG Incentive Savings Plan for violations of the federal pension law (ERISA) in connection with the loss of value in AIG stock acquired and held by present and former employees of AIG through the Plans. The goal of this litigation is to recover damages sustained by the participants and beneficiaries of the Plans.
Plaintiff's claims as detailed in the complaint arise out of AIG misrepresentations and failures to disclose material information related to the valuation super senior credit default swap portfolio and its financial exposure arising out of "puts" it had written on certain collateralized debt obligations, all of which were linked to the residential sub-prime mortgage market.