Federal Court Grants Preliminary Approval Of $450 Million American International Group AIG Workers Compensation Class Action Lawsuit Settlement.
A federal judge has granted preliminary approval of a $450 million dollar class action settlement of a class action lawsuit against American International Group, Inc. and its affiliated companies (“American International Group” or “AIG” or “Defendants”) in the United States District Court for the Northern District of Illinois (originally styled National Council On Compensation Insurance, Inc. v. American International Group, Inc. et al., Class Action Case Nos. 1:07-CV-2898, No. 09-CV-2026), alleging, among other things, that American International Group AIG engaged in a decades-long, multibillion fraudulent underreporting of workers compensation premiums for the purpose of reducing its share of the residual workers compensation market—and consequently increasing the residual market costs of the other members of the National Workers Compensation Reimbursement Pool (“NWCRP”), according to the Memorandum Opinion and Order of District Judge Robert W. Gettleman preliminarily approving the American International Group AIG Workers Compensation class action lawsuit settlement.
The American International Group AIG Workers Compensation class settlement was reportedly the product of negotiations between American International Group AIG, David Leslie (the “Examiner”), and certain Pool (class) members (the “Settlement Class Plaintiffs”), including ACE INA Holdings, Inc. (“ACE”), Auto-Owners Insurance Co. (“Auto-Owners”),Companion Property & Casualty Ins. Co. (“Companion”), FirstComp Insurance Co. (“FirstComp”), The Hartford Financial Services Group, Inc. (“Hartford”), Technology Insurance Co. (“Technology”), and The Travelers Indemnity Company (“Travelers”).
The Court in the American International Group AIG Workers Compensation class action lawsuit reportedly certified a settlement class consisting of all Participating Companies in the NWCRP and the NMWCARP, excluding AIG, from 1970 through the execution date of class certification.
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