Welcome to the AIG, Inc. 2008 Securities Settlement Website
Attention Purchasers of Series AIG FP Securities: Exhibit A to the Notice of Class Action, Proposed Settlement, Motion for Attorneys’ and Expenses, and Settlement Hearing has been revised by Court Order. The revised Exhibit A can be found in the Case Documents section of this website.
This website has been established to provide general information regarding the proposed Settlement of the case known as In re American International Group, Inc. 2008 Securities Litigation, Master File No. 08-CV-4772-LTS-DCF pending in the United States District Court for Southern District of New York (the "Action"). The capitalized terms used on this website and not defined herein shall have the same meanings ascribed to them in the Stipulation and Agreement of Settlement dated September 12, 2014.
Your rights may be affected by the Settlement if you purchased AIG Securities on a U.S. public exchange during the period from March 16, 2006 through September 16, 2008 (the “Settlement Class Period”) or purchased or acquired AIG Securities in or traceable to a public offering during the Settlement Class Period. The major securities in the Action are: AIG common stock; corporate units issued in May 2008; two series of subordinated debentures issued in June 2007 (Series A-4) and in December 2007 (Series A-5); and six major bond offerings between October 2006 and December 2007. In addition, there were approximately 60 other bond and structured note offerings made during the Settlement Class Period, many of which were much smaller in size and sold to a limited number of investors. A full listing of the AIG Securities in the case is at pages 10-11 of the Proof of Claim and Release form (“Proof of Claim”).
Court-appointed Lead Plaintiff, the State of Michigan Retirement Systems, as custodian of the Michigan Public School Employees’ Retirement System, the State Employees’ Retirement System, the Michigan State Police Retirement System, and the Michigan Judges Retirement System, on behalf of the proposed Settlement Class, has agreed to settle all claims in the Action in exchange for a cash payment of $970,500,000.00, which has been deposited in an interest-bearing escrow account for the benefit of the Settlement Class (the “Settlement Fund”). The Settlement Fund will be divided, after deduction of Court-awarded attorneys’ fees and expenses, settlement administration costs and any applicable taxes, among all Settlement Class Members who timely submit valid Proofs of Claim that are accepted for payment by the Court.
The Settlement, if approved by the Court, will: resolve claims in the Action that AIG’s investors were misled about AIG’s exposure to the U.S. subprime residential real estate market; avoid the costs and risks of continuing the Action; provide a cash payment to Settlement Class Members who timely submit valid claims; and release the Released Defendants from liability.
The Court in charge of the Action still has to decide whether to approve the Settlement. Cash payments will be made if the Court approves the Settlement and after any appeals are resolved. Please be patient.
Although the information in this website is intended to assist you, it does not replace the information contained in the Notice of Class Action, Proposed Settlement, Motion for Attorneys' Fees and Expenses, and Settlement Hearing and Stipulation and Agreement of Settlement. We recommend that you read the Notice and other relevant case documents carefully. Case related documents can be found and downloaded by clicking on the Case Documents tab above.
YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT
|SUBMIT A PROOF OF CLAIM FORM POSTMARKED NO LATER THAN MAY 5, 2015.
||This is the only way to get a payment from the Settlement.
|EXCLUDE YOURSELF FROM THE CLASS BY SUBMITTING A WRITTEN REQUEST FOR EXCLUSION POSTMARKED NO LATER THAN JANUARY 5, 2015.
Get no payment. This is the only option that allows you to ever be part of any other lawsuit against the Settling Defendants concerning the claims that were, or could have been, asserted in this case. It is also the only way for Class Members to remove themselves from the Class.
If you are considering excluding yourself from the Class, please note that there is a risk that any new claims asserted against the Settling Defendants may no longer be timely and would be time-barred. See page 9 of the Notice.
|OBJECT TO THE SETTLEMENT BY SUBMITTING A WRITTEN OBJECTION POSTMARKED NO LATER THAN JANUARY 5, 2015.
Write to the Court and explain why you do not like the Settlement, the proposed Plan of Allocation, and/or the request for attorneys’ fees and reimbursement of expenses. In order to object, you must remain a member of the Class, may not exclude yourself, and you will be bound by the Court’s determinations.
|GO TO THE HEARING ON MARCH 20, 2015 AT 2:15 P.M. AND FILE A NOTICE OF INTENTION TO APPEAR SO THAT IT IS RECEIVED NO LATER THAN FEBRUARY 27, 2015.
||Ask to speak in Court about the fairness of the Settlement, the proposed Plan of Allocation, or the request for attorneys’ fees and reimbursement of expenses.
||Get no payment. Remain a Settlement Class Member. Give up your rights.
IMPORTANT DATES AND DEADLINES
||January 5, 2015
||January 5, 2015
|Court Hearing on Fairness of Settlement:
||March 20, 2015 at 2:15 p.m.
|Submit a Proof of Claim:
||May 5, 2015