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Monday February 14, 05:43
Spitzer sends subpoenas to insurance giant
(by Olivia Cohen)
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e-realtor.org
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On Monday, the world top insurer American International Group, said it has received subpoenas from the Securities and Exchange Commission and the New York Attorney General Alan Spitzer.
The company received subpoenas on February 9, amid its increase report, which evaluate the giant’s earnings for the fourth quarter at $3 billion, 12% up from the prior results.
The subpoenas come amid the company’s statement it has already finished inside probe over the bid-rigging. Last year, AIG agreed to pay an $80 million fine and disgorge $46 million in fees without admitting or denying wrongdoing.
Now Spitzer’s subpoena is related to nontraditional insurance products and assumed reinsurance transactions, the company said, stressing its ready-to-cooperate strategy.
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