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AIG Sued by Class of Investors

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At a glance:

A class action lawsuit has been filed in New York against American International Group (AIG) claiming that their agents were instructed to aggressively sell certain mutual funds from certain companies for the purpose of collecting financial incentives from those companies and that this was not disclosed to clients. 
 
Clients were thus not advised of the right investment for their needs, and suffered potential financial losses as a result.

Class action filed against AIG for pushing funds that increased ...

Forbes - 6/1/2006 1:42 AM

RADNOR, PA (AFX) - A class action lawsuit was filed in the US District Court for the Eastern District of New York on behalf of all those who purchased Oppenheimer mutual funds from the AIG Advisor Group, with parent company American International Group Inc as the defendant, said Schiffrin & Barroway LLP law firm.
 
The complaint alleges that the defendants failed to properly disclose that they had been aggressively pushing sales personnel to sell the certain mutual fund companies and certain mutual fund families that provided financial incentives and rewards to AIG and its personnel based on sales.
 
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