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CASES

American International Group (2009)

Class Period: Dec 8, 2000 to Mar 27, 2009

Lead Plaintiff Deadline: May 27, 2009 + Deadline passed

Summary of Case:

A securities class action has been filed against American International Group (Ticker: AIG) and certain of its former and current officers and directors ("AIG" or the "Company") on behalf of all those who purchased or otherwise acquired securities issued by American International Group from December 8, 2000 through Present (Class Period).

The claims arise out of the breaches of fiduciary duty, gross mismanagement, corporate waste and violations of section 14(a) and 14(e) of the Securities Exchange Act of 1934 (the "Exchange Act"), of certain current and former officers and directors of AIG. The complaint alleges that from December 8th, 2000 to the present (the "Relevant Period"), the Defendants, acting in concert, jointly and severally, have seriously undermined and damaged AIG's financial health and valuable past reputation by systematically causing and/or permitting the Company to engage in a litany of highly risky, detrimental and reckless business dealings, activities and transactions that have caused the Company to verge on bankruptcy and which have required in excess of $190 billion dollars to date of government provided monies to prevent total Company failure.

The complaint also alleges that because of negligence, gross negligence, recklessness, and mismanagement and/or intentional misconduct by each of the Defendants, acting in concert, jointly and severally, the Company has lost and squandered over $200 billion dollars in shareholders equity, bonuses and dividends during Relevant Period from 2000 to present. In December 2000, AIG had a market value of approximately $217 billion dollars. Today it has a market value of approximately $3.5 billion dollars, a net decline of $214.5 billion dollars based on the market capitalization rate formula.

According to the complaint AIG engaged in an unprecedented and financially unsound frequency and value of credit default swap ("CDS") derivative contracts for the collateralized debt obligations ("CDOs") derivative market, thus exposing the company to enormous risk, and ultimately billions of dollar in material losses, most of which were paid out of shareholder investments and government provided monies at the expense of the Company's shareholders and American taxpayers.

If you purchased this company's shares during the Class Period and suffered a loss or for further information about the case, please review the links below.