American International Group, one of the world’s largest insurance companies, said Monday it received two new subpoenas from New York Attorney General Eliot Spitzer and the Securities and Exchange Commission regarding some its products that might be used by companies to smooth earnings.
Spitzer’s subpoena is the latest salvo against the insurance industry. AIG was named in a lawsuit filed last October against the insurance broker Marsh & McLennan Companies by Spitizer accusing Marsh of fraud and bid rigging. On Feb. 1, Marsh agreed to pay $850 million in restitution to Marsh policyholders to settle that case.
(via Business Wire)
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