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AIG may have breached its fiduciary duties to current and former employees who owned AIG stock in an AIG sponsored retirement plan.
Investigation Source
- Nationwide
Investigation Scope
Category Information
Investigation Topics
- Investments
- Retirement Asset
- Investment Advisor Duties
Product or Service
- Retirement Plan
Injury Type
- Monetary Loss
Investigation Details
Investigation and pending ERISA class action lawsuit against American International Group ("AIG") on behalf of all persons who were participants in or beneficiaries of the AIG Incentive Savings Plan (the "Plan") between May 11, 2007 and the present and whose accounts included investments in AIG common stock.
The class action alleges that AIG breached its fiduciary duties by:
(1) failing to prudently and loyally manage the Plan's assets;
(2) failing to provide complete and accurate information to the Class;
(3) failing to monitor fiduciaries; failing to act loyally in the furtherance of their own personal interests at the expense of the best interest of the Plan; and
(4) failing to prevent breaches by other fiduciaries of their duties of prudent and loyal management, complete and accurate communications, and adequate monitoring; and knowingly participating in breaches.
The class action alleges that AIG breached its fiduciary duties by:
(1) failing to prudently and loyally manage the Plan's assets;
(2) failing to provide complete and accurate information to the Class;
(3) failing to monitor fiduciaries; failing to act loyally in the furtherance of their own personal interests at the expense of the best interest of the Plan; and
(4) failing to prevent breaches by other fiduciaries of their duties of prudent and loyal management, complete and accurate communications, and adequate monitoring; and knowingly participating in breaches.
Defendant Details
| Name (Stock Symbol) | Brief Description |
|---|---|
| American International Group (AIG) (AIG) | American International Group, Inc. (AIG), provides insurance and financial services with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. AIG also sold credit derivative swaps, effectively insuring certain corporate obligations and asset backed securities against default. The US government has injected over $160 billion into AIG and owns 80% of AIG stock. |