American International Group Chief Executive Officer Martin Sullivan told an investors meeting this morning that the company will complete an audit of its reserves and other reviews by the end of the year.
Mr. Sullivan told the group that the loss reserve audit is just one of several internal examinations at the company where investigations by federal and state authorities into accounting procedures and relationships with brokers led to the ouster of longtime CEO Maurice Greenberg earlier this year.
Mr. Sullivan did not address the status of negotiations with New York Attorney General Eliot Spitzer over a possible settlement of charges he filed in a civil suit in May, which accused the insurer and its former top management of accounting fraud. The suit seeks to recover damages and illegal profits made by the company.
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