American International Group Inc. says a federal judge has given preliminary approval to a $450 million settlement it reached with a handful of companies that alleged AIG cheated a workers' compensation program.
AIG says it is pleased with the court's ruling and is “optimistic that the proposed settlement will soon receive final approval as a fair and appropriate resolution of this litigation.”
Liberty Mutual, which originally filed the lawsuit against AIG on behalf of all the companies and has tried to stop the settlement, says in an emailed statement that it wants “to evaluate the judge's written opinion before offering any comment.”
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