Ohio Pension Funds to Lead Class Action against AIG

February 24, 2010 (PLANSPONSOR.com) - A federal judge has granted class action status to shareholders suing insurance giant American International Group.

The Associated Press reports that U.S. District Court Judge Deborah Batts of the U.S. District Court for the Southern District of New York ruled three Ohio state pension funds and shareholders across the country can proceed as a class. The Ohio Public Employees Retirement System, the Ohio State Teachers Retirement System, and the Ohio Police & Fire Pension Fund are the lead plaintiffs in the lawsuit.

The lawsuit filed in 2004 is seeking damages for investors who bought AIG securities between October 28, 1999, and April 1, 2005.

According to the AP, former AIG chief executive officer and board chairman Maurice “Hank” Greenberg and others agreed last August to pay $115 million to settle fraud claims as part of the lawsuit.