Michigan Treasurer Robert Kleine and Attorney General Mike Cox say Michigan has been named lead plaintiff in a class action lawsuit against American International Group Inc. (AIG).
The State of Michigan Retirement Systems invested in AIG on behalf of more than 600,000 state employees, public school employees, state police, Michigan judges and their beneficiaries.
AIG was heavily invested in credit default swaps, insurance-like contracts tied to sub-prime mortgage-backed securities and other risky debt. The lawsuit accuses AIG of illegally misleading investors about the scope and risks of those investments.
Kleine and Cox say Michigan will manage litigation on behalf of a class of AIG stock and bond purchasers, negotiate potential settlement terms and maximize recovery for the class.
Was this article valuable?
Here are more articles you may enjoy.
AI Focal Point of Cybersecurity Outlook for 2025, Says Experian 
Texas Accuses Allstate-Owned Arity of Data Privacy Violations 
Here’s a Look at the $100 Billion in Disaster Relief in the Government Spending Bill 
Coming Soon to Florida: New State-Fed Program to Elevate Homes in Flood Zones 
Want to stay up to date?
Get the latest insurance news
sent straight to your inbox.