AIG II ERISA Litigation

In re American International Group, Inc. ERISA Litigation II is currently pending in the United States District Court Southern District of New York. The Consolidated Amended Complaint was filed on behalf of Plaintiffs and a proposed class of all persons (the “Class”) who were participants in or beneficiaries of: (1) the American International Group. Inc. Incentive Savings Plan; (2) the American General Agents’ & Managers’ Thrift Plan; and (3) the CommoLoCo Thrift Plan (collectively, the “Plans”) between June 15, 2007 and the present (the “Class Period”) and whose accounts included investments in AIG common stock.
Plaintiffs allege that during the Class Period the Defendants breached their fiduciary duties to Plaintiffs and the Class members by:

  • failing to prudently and loyally manage the Plans’ assets;
  • failing to disclose necessary information to co-fiduciaries;
  • failing to properly monitor the performance of their fiduciary appointees and remove and replace those whose performance was inadequate;
  • failing to provide complete and accurate information to the Class about the risks of investing in AIG common stock;
  • failing to act loyally in the furtherance of their own personal interests at the expense of the best interest of the Plans; and
  • failing to prevent breaches by other fiduciaries of their duties of prudent and loyal management, complete and accurate communications, and adequate monitoring.

On March 19, 2009, the Honorable Laura Taylor Swain consolidated the various pending ERISA cases and appointed Keller Rohrback L.L.P. as Interim Co-Lead Counsel in the Consolidated ERISA Action.

On March 31, 2011, Judge Swain denied in large part Defendants’ Motion to Dismiss. While the Court dismissed claims on behalf of the participants and beneficiaries of the CommoLoco Thrift Plan, the Court allowed the bulk of the claims on behalf of the participants and beneficiaries of the American International Group. Inc. Incentive Savings Plan and the American General Agents’ & Managers’ Thrift Plan to continue.

Not all claims are against every Defendant. Please Contact Us for more information regarding the AIG II ERISA Litigation.

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