Moody's: AIG Unaffected By $10M Penalty
NU Online News Service, Sept. 16, 2:40 p.m. EDT?Moody's Investors Service said it sees "no evident ratings impact" for American International Group from its settlement to pay a $10 million civil penalty to settle fraud charges brought by the Securities and Exchange Commission.
The fraud charges against the New York-based AIG, according to the SEC statement released last Thursday, stemmed from the insurer's alleged role in fashioning and selling what the securities regulators referred to as a "purported insurance product" that Plainfield, Ind.-based phone distributor Brightpoint Inc. used to report false and misleading financial information. But in agreeing to pay $10 million, AIG neither admitted nor denied regulators' findings.
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