DISTRIBUTION UPDATE: On August 21, 2009, the distribution for In re AIG ERISA Litigation was made through the current Plan recordkeeper as described in the Notice. If you have questions regarding the allocation of funds, you may call Vanguard’s Participant Services associates for further details at: 800-523-1188 (English), 800-828-4487 (Spanish); 800-523-8004 (hearing impaired) and 610-669-1000 (for parties calling from outside of the U.S., collect calls will be accepted).
On October 7, 2008, the Court in charge of this case issued final approval of the Settlement.
The Settlement resolves the claims asserted in the consolidated class action lawsuit brought by plaintiffs Margaret B. Amidei, Oscar Saleh, Grace C. Baxter, Linda S. Adams, Christopher Townley, and Terry Phillips (collectively, the “Named Plaintiffs”) on behalf of the following Class
All persons: (a) who were participants in or beneficiaries of the: (i) AIG Incentive Savings Plan at any time from September 30, 2000 through May 31, 2005; (ii) American General Employees’ Thrift and Incentive Savings Plan at any time from August 29, 2001 through January 1, 2003; (iii) American General Agents’ and Managers’ Thrift Plan at any time from August 29, 2001 through May 31, 2005; or the (iv) CommoLoCo Thrift Plan at any time from August 29, 2001 through May 31, 2005; and (b) whose Plan accounts included direct or indirect investments in AIG stock and/or the AIG Stock Fund(s) (collectively, the “Settlement Class” or “Class”). The Settlement Class shall not include any of the Individual Defendants (defined to include all Defendants other than AIG), or any of the Individual Defendants’ Immediate Family, beneficiaries, alternate payees, Representatives or Successors-In-Interest, except for Immediate Family, beneficiaries, alternate payees, Representatives or Successors-In-Interest, who themselves were participants in the Plans, who shall be considered members of the Settlement Class with respect to their own Plan accounts.
This Settlement relates to all claims brought under ERISA against American International Group, Inc. (“AIG” or the “Company”) and the following persons named as defendants in the Complaint (defined below): Richard A. Grosiak, Axel I. Freudmann, Patricia Cameron, Robert Cole, Gustavo Covacevich, Marion Fajen, Georgia Feigel, Anthony Galioto, John Keogh, Ronald Latz, David Pinkerton, Charles Schader, Patricia McCann, Gary Reddick, Kathleen Shannon, Nicholas Tyler, and Timothy Hayes (the “AIG Defendants”) and against Maurice R. Greenberg, Howard I. Smith, Martin J. Sullivan, and Donald P. Kanak (the “Director Defendants”) (collectively, the “Defendants”).
The Settlement provides for a cash payment consisting of $24,200,000.00 (twenty four million two hundred thousand dollars), for alleged losses to the Plans to settle the claims against the Defendants, and for a pro rata allocation of this payment (excluding certain amounts described in the Settlement Agreement, including expenses associated with Class Notice, attorneys’ fees and expenses, case contribution awards, taxes and other costs related to the administration of the Settlement Fund and implementation of the Plan Of Allocation to the accounts of members of the Class who had any portion of their Plan accounts invested in AIG stock during the Class Period, as defined in the Notice. The distributions will be made in proportion to the loss in value of the AIG stock held in the Class members’ Plan account during the Class Period.
Additional documents regarding the case are also available for download on this site by clicking here.
If you have questions, you may call the AIG ERISA Settlement Help Line at 866-778-6568 or email any to info@AIGERISASettlement.com.