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
Primary Offense: 
price-fixing or anti-competitive practices
Secondary Offense: 
accounting fraud or deficiencies
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 https://violationtracker.goodjobsfirst.org/violation-tracker/-american-i...

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 Parent: 
USA
HQ State of Parent: 
New York
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
insurance
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.