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Monday November 15, 10:08
AIG to close settlement with SEC over PNC
(by Mark Riley)

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AIG to close settlement with SEC over PNC The world’s largest insurer American International Group Inc. said it nears to an end in a settlement with the Securities and Exchange Commission which opened a probe over the possible help for PNC Financial Services Group in accounting fraud.

SEC is expected to announce the settlement as soon as the next month. AIG may be fined as much as $10 million in this case, officials say.

Moreover, AIG is also expected to submit to an independent review of its past transactions with other customers as well as the company may have helped some other companies to manipulate their financial statements.

PNC has already said it regrets its actions and paid $115 million fine and restitutions.


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