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Archive for Friday, February 10, 2006

AIG settles for $1.6B

February 10, 2006

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American International Group Inc., one of the world's largest insurance companies, has agreed to pay $1.64 billion to resolve allegations that it used deceptive accounting practices to mislead investors and regulatory agencies.

The deal - believed to be the biggest concluded by regulators with a single company - also requires the New York-based firm to adopt changes in its business practices that will ensure proper accounting procedures in the future.

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