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AIG Paying $450 Million to Competing Insurance Companies

Posted on Jan 20, 2011

The American International Group, Inc (AIG), on of the world's largest insurers operating out of New York, proposed a settlement of $450 million to seven competing insurance companies. They've been accused of not paying as much as they should into industry-funded money pools that insures injured workers.

No strangers to lawsuits, Liberty Mutual filed a lawsuit against AIG in 2009 for "long-term fraudulent underreporting". Liberty Mutual is attempting to obtain class-action status, and suing for a sum larger than $1 billion, and refuses to be included in the current settlement, deciding instead to continue litigations in hopes of the larger payout. An attorney for Liberty Mutual indicated in a statement than settling with AIG was not in the best interests of more than 600 members involved since the settlement doesn't account for underreporting of premiums on policies of workers' compensation by AIG occurring prior to the lawsuit.

In December of 2010, AIG also agreed to pay more than $46 million in taxes, and $100 million in fines to states after they were investigated regarding workers' compensation payments. AIG's Chief Executive Officer Robert Benmosche has been selling off company assets to repay the government bailout and to resolve the various disputes brought upon AIG by investors and the other insurance companies. AIG received more than $182 billion from the United States government in bailout funds, after it almost collapsed in 2008 because of their investments in the housing market. Their bailout came in the form of $60 billion from the Federal Reserve credit facility, $69 billion from an investment from the Treasury Department, and $52 billion for buying mortgage-linked assets.