SEATTLE, May 4, 2005 (PRIMEZONE) -- Keller Rohrback L.L.P. (www.erisafraud.com) today announced that it has commenced an investigation against American International Group, Inc. ("AIG" or the "Company") (NYSE:AIG) for violations of the Employee Retirement Income Security Act of 1974 ("ERISA"). The investigation focuses on investments in Company stock by the AIG Incentive Savings Plan, the American General Agents' and Managers' Thrift Plan, the American General Employees' Thrift and Incentive Plan (which was merged into the AIG Incentive Savings Plan), and the CommoLoCo Thrift Plan (the "Plans") from December 1, 1998 through the present (the "Class Period").
Since February 2005, AIG has admitted to numerous accounting errors in multiple areas of AIG's operations which were intended to improve AIG's financial statements by reporting growth where it did not exist. AIG has delayed issuance of its Annual Report for another thirty days while internal investigations and outside auditors seek to unravel various complex maneuvers. AIG has already admitted that it will likely reduce its net worth by $2.7 billion and restate its financial results for the years from 2000 through 2004. These revelations follow the October 2004 allegations of involvement in Marsh & McLennan Companies' illegal bid-rigging and contingent commission fee scheme.
Keller Rohrback's investigation focuses on concerns that AIG and other fiduciaries for the Plans may have breached their ERISA-mandated fiduciary duties of loyalty and prudence by (1) failing to prudently and loyally manage the Plans' assets by investing a significant amount of the Plans' assets in AIG stock when it no longer was a prudent investment for participants' retirement savings; (2) failing to monitor and provide fiduciary appointees with information that the appointing fiduciaries knew or should have known the monitored fiduciaries needed in order to prudently manage the Plans' assets; (3) failing to provide complete and accurate information to participants and beneficiaries regarding AIG's business prospects and financial performance; and (4) breaching their duty to avoid conflicts of interest.
If you are a member of one of the Plans and purchased or held AIG stock through one of the Plans, you may contact paralegal Jennifer Tuato'o, or any member of our team (Derek Loeser or Lynn Sarko) toll free at 800/776-6044, or via e-mail at investor@kellerrohrback.com.
Keller Rohrback is one of America's leading law firms handling ERISA retirement plan litigation. Our attorneys helped pioneer this field in the Lucent and IKON ERISA breach of fiduciary duty cases--the first large-scale ERISA 401(k) cases filed. Keller Rohrback serves as lead and co-lead counsel in numerous ERISA breach of fiduciary duty cases, including the Enron and WorldCom, Inc. ERISA litigations, and was most recently appointed lead counsel in The Marsh & McLennan ERISA Litigation. Keller Rohrback has successfully provided class action representation for over a decade. Its trial lawyers have obtained judgments and settlements on behalf of clients in excess of seven billion dollars.