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AIG In $1.64 Billion Settlement |
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1:08 PM EST February 09 2006 |
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State and federal authorities announced a $1.64 billion pact with the world’s largest insurer AIG Inc over alleged accounting improprieties. The deal, which is one of the largest finance-industry regulatory settlements with a single company in U.S. history, will result in an after-tax charge of about $1.15 billion for Q4 of 2005. The huge payout includes fines, restitution and business-practice changes. Despite its regulatory problems, AIG posted steadily rising profits and boosted its dividend over the past three quarters.
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