ERISA Class Action Against American International Group, Inc.
Wolf Popper LLP filed a lawsuit in U.S. District Court for the Southern District of New York on behalf of participants or beneficiaries of the American International Group, Inc. ("AIG" or the "Company") 401(K) Savings Plan (the "Plan") for violations of the federal pension law (ERISA) in connection with the loss of value in AIG stock (NYSE: AIG) acquired and held by present and former employees of AIG through the Plan. The goal of this litigation is to recover damages sustained by the participants or beneficiaries of the Plan.
On October 7, 2008, the Court approved the settlement reached by Wolf Popper LLP and its co-counsel, on behalf of former and current employees of AIG, in the amount of $24.2 million in In re AIG ERISA Litigation, No. 04 Civ. 9387 (JES), stating that "without the work of these [plaintiffs'] attorneys there would be nothing."