The Securities and Exchange Commission said it will begin the process of returning $800 million to investors harmed by American International Group Inc.'s failure to properly report earnings over a four-year period.
The distribution dates back to the 2006 settlement agreement between the SEC and AIG over allegations that the New York-based insurer falsified its financial statement during a five-year period from 2000-2005 through a variety of sham transactions and entities involving reinsurance programs that were determined to be loans from Gen Re.
In the 2006 agreement, AIG neither admitted nor denied guilt in exchange for paying a total of $800 into a Fair Fund to reimburse investors.
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