AIG Workers Compensation Class Action Lawsuit Settlement

A $450,000,000 million dollar settlement has been reached in the National Council On Compensation Insurance, Inc. v. American International Group, Inc. et al., class action lawsuit.  This case was held in the United States District Court for the Northern District of Illinois and revolved around claims that AIG (American International Group)committed fraudulent under reporting of workers compensation premiums that cost workers billions of dollars in unpaid compensation for the purpose of reducing its share of the residual workers compensation market. 

Claims of under reporting workers’ comp claims have been surrounding AIG for years and it has finally caught up to them.  AIG stock closed at 25.10 down 4.92% for the day.