American International Group Inc. could pay as much as $1.5 billion to settle civil investigations by state and federal authorities into an accounting scandal, according to published reports.

New York Attorney General Eliot Spitzer and the New York State Insurance Department filed a suit against AIG and ousted former chief executive and longtime chairman Maurice "Hank" Greenberg in May 2005, alleging that the company and Greenberg had resorted to accounting fraud to boost its financial results and stock price.

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