San Francisco's public employee pension fund is suing American International Group for causing $4 million in losses to the fund because of admitted accounting improprieties at AIG, City Attorney Dennis Herrera announced Monday.
Herrera filed a class-action lawsuit Monday on behalf of San Francisco Employees' Retirement System (SFERS) charging New York-based AIG with "egregious business malfeasance" and "violations of federal securities laws."
The pension fund seeks recovery of losses on AIG shares purchased over a nearly five-year-period dating from October 1999 to March 30 of this year. The...
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