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American International Group Inc. Case 11/13/2008

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Lawsuit Overview

Company
American International Group(AIG)
Security
NYSE: AIG

Case Name
American International Group Inc. Case 11/13/2008
Type of Lawsuit
Shareholder Class Action
Class Period Begin
Class Period End
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Summary

On November 13, 2008, a law firm announced that it has filed a $550 million class action lawsuit against American International Group (AIG), AIG Financial Products Corp. (AIGFP), and several current and former directors of both companies. The lawsuit has been filed pursuant to Part XXIII.1 of the Ontario Securities Act, which allows Canadian investors to sue American companies in Canadian courts for the violation of Canadian securities laws. The lawsuit arises from AIGFP’s credit default swaps and massive declines in AIG’s stock price when the effect of the credit default swaps were revealed to the public.Plaintiffs allege that Canadian investors sustained huge losses due to insufficient disclosures by AIG. The class action is brought on behalf of all persons and entities that reside in Canada who purchased AIG securities from November 10, 2006 to September 16, 2008.

The class is currently awaiting certification from a Canadian court before it can continue.