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New York’s Attorney General and the state’s Insurance Superintendent announced they have filed a civil suit against American International Group alleging that executives at the company used improper accounting practices to pump-up the company’s earnings to deceive the investors and regulators.

The suit, filed in the Supreme court of the State of New York, County of New York against the New York-based insurance giant, claims the company “engaged in misleading accounting and financial reporting, projecting an unduly positive picture of AIG’s underwriting performance for the investing public.”

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