United States District Court for the Southern District of New York
Case No. 08-05722
Keller Rohrback and Co-Counsel filed the Consolidated Second Amended Complaint in In re American International Group, Inc. ERISA Litigation II on behalf of Plaintiffs and a proposed Class of similarly situated persons.
Plaintiffs allege that during the Class Period Defendants breached their fiduciary duties to Plaintiffs and the proposed Class by:
- failing to prudently and loyally manage the Plans by continuing to allow the investment of AIG stock in the Plans when AIG stock was no longer a prudent investment for participants’ retirement savings;
- failing to properly monitor the performance of their fiduciary appointees and remove and replace those whose performance was inadequate;
- breaching their fiduciary duty of loyalty by acting in furtherance of their personal interests as employees or executives of AIG at the expense of the Plans’ and the participants’ best interests; and
- enabling co-fiduciary breaches and failing to prevent their co-fiduciaries from breaching their duties of prudent and loyal management of the Plans’ assets and proper monitoring of the Plans’ assets, including the AIG Stock Fund.
Not all claims are against every Defendant.
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, the Court upheld the majority of Plaintiffs’ claims in the Consolidated Amended Complaint. Following certain discovery, Plaintiffs filed their Consolidated Second Amended Complaint, and Defendants filed motions to dismiss on November 20, 2012. Plaintiffs filed their oppositions to the motions on March 31, 2013. The motions to dismiss are fully briefed and currently pending.
Proposed Class Definition
Plaintiffs seek to represent a proposed Class of all persons who were participants in or beneficiaries of: (1) the American International Group. Inc. Incentive Savings Plan; and the (2) the American General Agents’ & Managers’ Thrift Plan (collectively, the “Plans”) from August 7, 2007 to May 1, 2009 (the “Class Period”) and whose accounts included investments in AIG common stock.
If you would like more information regarding the AIG II ERISA Litigation, please contact attorney Erin Riley or paralegal Jennifer Tuato’o at 800-776-6044 or via email.