AIG I and AIG II ERISA Litigation

In October 2008, along with co-counsel, Squitieri & Fearon successfully recovered $24.2 million on behalf of the plans and their participants. In re AIG ERISA Litigation, No. 04 Civ. 9387 (JES) (S.D.N.Y.) (AIG I). Click here to review the Court’s October 2008 decision approving the parties’ settlement.

In June of 2008 we brought a separate class action against AIG and certain other defendants on behalf of participants in AIG’s retirement plans including the AIG Incentive Savings Plan, the American General Agents’ & Managers’ Thrift Plan and the CommoLoco Thrift Plan. In re AIG ERISA Litigation II, No. 08 Civ. 5722 (LTS) (S.D.N.Y.). The AIG II complaint alleges that the plan fiduciaries, including the company and certain members of the AIG board of directors, breached their obligations to the plans and the plans’ participants by continuing to invest the participants’ and plans’ retirement assets in AIG stock. In particular, the complaint focuses on defendants’ failure to protect the investments of the plans and their participants in spite of their knowledge that AIG’s sustainability as a viable investment relied on the profitability of toxic assets that would inevitably fail. Click here to review the Complaint.

Defendants moved to dismiss the complaint, which the Court denied in large part allowing the bulk of Plaintiffs’ claims in the AIG Incentive Savings Plan and the American General Agents’ & Managers’ Thrift Plan to proceed. Click here to review the Court’s decision. AIG II is now in discovery. Click here, if you have information or wish to report your case.