In the cases of AIG, it’s apparent that class actions can be hard to track

FRT Admin
Site administrator
October 8, 2013

It is not uncommon for a company to have multiple distinct cases filed against it at any given time. And while in many occurrences the separate litigations get consolidated into one or more cases, or cases get dismissed, there are instances like that of American International Group (AIG) in which separate, yet similarly related cases have settled. Currently, there are five active securities class action settlements against AIG, in which multiple parties have settled with the class based on the same set of facts, with class periods stretching generally from 1999-2005. It can be a bear for individuals and firms to identify and monitor every eligible case, let alone understand and distinguish between what makes them different. And to even further muddle things, these cases are not to be confused with the enrollment (otherwise known as opt-in) litigation related to the 2008 bail-out of AIG by the US government, in which the US government is the defendant, not AIG.

Test your class action knowledge by matching the AIG case number and details with its description down below.

1. AIG Sec. Litigation (06CV1000LAP)
Class start                    Class End
02/08/2001                   03/31/2005
Settlement Fund       $800,000,000
Claim Deadline           09/12/2008
________________________________________

2. AIG Sec. Litigation (04CV8141JESAJP)
Class start                     Class End
10/28/1999                     06/29/2005
Settlement Fund        $97,500,000
Claim Deadline            01/28/2009
________________________________________

3. AIG Sec. Litigation (04CV08141DABAJP)
Class start                    Class End 
10/28/1999                    06/29/2005
Settlement Fund       $725,000,000
Claim Deadline           01/23/2012
________________________________________

4. AIG Sec. Litigation (04CV8141DABAJP)
Class start                    Class End
10/28/1999                    06/29/2005
Settlement Fund        $115,000,000
Claim Deadline           03/27/2013
________________________________________

5. AIG Sec. Litigation (04CV08141JES)
Class start                  Class End
10/28/1999                  06/29/2005
Settlement Fund      $72,000,000
Claim Deadline         09/12/2013

a. This settlement is referred to as “The Company” settlement, because AIG paid the settlement directly.

b. This settlement is referred to as “The Gen Re” settlement, because General Reinsurance Corporation paid the settlement.

c. This is the SEC fair fund settlement.

d. This settlement is referred to as “The Starr” settlement, because Starr Financial (Major Shareholders) paid the settlement.

e. This settlement is referred to as “The PwC” settlement, because PwC paid the settlement.

Answer Key

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