PricewaterhouseCoopers has agreed to pay $97.5 million as a partial settlement of a securities class-action lawsuit over the firm's audits of AIG, the insurance giant recently taken over by the federal government.
The Ohio Attorney General's Office announced the settlement after prosecuting the case on behalf of three named plaintiffs—the Ohio Public Employees Retirement System, State Teachers Retirement System and Ohio Police & Fire Pension Fund—that were seeking damages for investors who purchased AIG securities between Oct. 28, 1999, and April 1, 2005. Representing the plaintiffs and the Ohio Attorney General's Office were two law firms: Labaton Sucharow LLP of New York City, and Hahn Loeser & Parks LLP, which has offices in Cleveland and Columbus.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access