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Massachusetts Attorney General Martha Coakley announced today that her office has reached a $58.5 million settlement with American International Group over an alleged $26 million contract violation involving workers’ compensation coverage for Boston’s Big Dig tunnel project.

Ms. Coakley’s statement said that as part of AIG’s agreement to cover the Big Dig, known formally as the Central Artery / Tunnel (CA/T) Project, the state was required to reimburse AIG for any additional “residual market” loss attributable to the CA/T Project account. Similarly, AIG was required to pass through to the state any residual market surplus attributable to the CA/T Project account, which it failed to do.

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