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The IRS says AIG had created an “elaborate series of sham transactions that were designed to do nothing — and in fact did nothing — other than generate hundreds of millions of dollars in ill-gotten tax benefits for AIG.” (Photo: Ryland West/ALM)

AIG has agreed to forfeit claims to more than $400 million in foreign tax credits and to pay a 10% penalty to settle a long-running tax shelter lawsuit related to seven cross-border transactions from the mid-1990s, the Manhattan U.S. Attorney’s Office announced on Friday (Oct. 23).

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