Money Management Executive

AIG Facing Possible Class-Action Suit

May 05, 2006, 1:00 a.m. EDT 1 Min Read

Attorneys with Schiffrin & Barroway announced this week plans to file a class-action law suit in the United States District Court for the Eastern District of New York on behalf of investors who purchased "shelf-space finds" from American International Group's Advisor Group broker/dealers between June 30, 2000 and June 8, 2005.

The Randor, Pa.-based firm asked investors interested in joining the suit to contact their offices.

During that period, regulators found, AIG received brokerage business in exchange for giving certain mutual funds special treatment. On June 8, 2005, the NASD announced it would levy fines on AIG and 15 affiliated brokerage companies, totaling $34 million.

AIG received shelf-space payments from 19 fund companies: AIG Sun America, AIM, AllianceBernstein, American Funds, Colombia, Fidelity, Franklin Templeton, Hartford, John Hancock, MFS, NationsFunds, Pacific Life, Pioneer, Putnam, Oppenheimer, Scudder, Van Kampen and WM Funds Distributor.

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Money Management Executive

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