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Retirement Planning > Saving for Retirement

Lawyers File Suit On Behalf Of AIG Plan Members

By Staff Writer

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A Coral Gables, Fla., law firm is organizing a lawsuit against American International Group Inc., New York, on behalf of AIG employee saving plan members.[@@]

Lawyers at the firm, Mager White & Goldstein L.L.P., have filed a suit in the U.S. District Court in New York alleging that illegal acts by AIG managers may have hurt the plan members’ 401(k) plan account values.

AIG violated the Employee Retirement Income Security Act and decreased the value of AIG stock held by current and past employees of AIG through the 401(k) plan, suit organizers allege in the suit.

AIG has declined to comment on the suit.

Suit organizers allege that AIG’s financial officers breached their fiduciary responsibilities to 401(k) plan members by leading participants to invest in AIG stock between Nov. 1, 1998, and the present, while failing to disclose improper business practices. Suit organizers also charge that AIG officers disseminated false and misleading financial statements.

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