PricewaterhouseCoopers LLP, American International Group's auditor when its price-fixing and accounting scandals erupted, has agreed to pay $97.5 million to settle claims by three Ohio state pension funds that invested in AIG.
The office of Ohio Attorney General Nancy Rogers said Friday that the firm's agreement to settle investors' claims in securities litigation against AIG will be one of the 10-highest settlements to be paid by an accounting firm to settle a securities fraud class-action.
PricewaterhouseCoopers said in a statement that it "decided to settle the case at this stage to avoid the enormous litigation cost that would be incurred if the case continued against the firm, while at the same time eliminating any potential exposure."
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