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Violation Tracker Individual Record

Company: American International Group
Current Parent Company: American International Group
Penalty: $1,619,000,000
Year: 2006
Date: February 9, 2006
Offense Group: competition-related offenses
Primary Offense: price-fixing or anti-competitive practices
Secondary Offense: accounting fraud or deficiencies
Mega-Scandal: Price Fixing
Violation Description: AIG agreed to a settlement with the New York Attorney General and the federal government worth more than $1.6 billion to resolve allegations of fraud, bid-rigging and improper accounting. Of the total, $800 million was to go to investors deceived by false financial statements, $375 million to AIG policyholders harmed by bid rigging activities and $344 million to states harmed by AIG's practices between 1986 and 1995 involving workers' compensation funds. In addition, New York imposed a $100 million penalty against the company. The SEC issued its own announcement about the $800 million portion of the settlement; see the Violation Tracker entry at (click here)
Level of Government: state
Action Type: agency action
Agency: New York Attorney General
Civil or Criminal Case: civil
Facility State: New York
HQ Country of Current Parent: USA
HQ State of Current Parent: New York
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: insurance
Source of Data: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.