The Securities and Exchange Commission warned American International Group Inc. that it is mulling a civil action against the insurance company for possible securities laws violations related to three press releases that the commission says are misleading.

The releases relate to the company's disclosure of an SEC investigation into transactions marketed to PNC Financial Services Group Inc. The investigation centers on AIG's structuring of three special-purpose financial vehicles for PNC in 2001, the Insurance Journal reported. The transactions were the subject of a 2002 SEC action against the company.

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