ROCHESTER, Mich.--(BUSINESS WIRE)--The Miller Law Firm, P.C., headquartered in Rochester, Michigan, is pleased to announce that historic $970.5 million settlements have been reached on behalf of its client, the State of Michigan Retirement Systems, in the American International Group, Inc. 2008 Securities Litigation class action lawsuit pending in the U.S. District Court for the Southern District of New York. The Miller Law Firm, P.C. is a lead counsel for The State of Michigan Retirement Systems, which served as the sole court-appointed Lead Plaintiff in the case.
If approved by the Court, the total settlement amount will be among the largest recoveries ever achieved in a securities fraud class action stemming from the 2008 financial crisis. It would release claims of the members of the putative class, which consists of all persons and funds that purchased publicly issued common stock, corporate units, bonds, subordinated debentures and notes of AIG from March 16, 2006 through September 16, 2008, and were injured thereby.
E. Powell Miller stated that “This settlement represents an outstanding result for the State of Michigan and other investors.”
After the close of fact discovery in 2012, the parties agreed to participate in several mediation sessions through Retired U.S. District Judge Layn Phillips that culminated in the settlement just one month after the Supreme Court’s recent decision in Erica P. John Fund v. Halliburton.
Assuming preliminary approval of the settlement, a Notice and the Proof of Claim form will be sent to members of the class who can be identified from AIG’s records and will also be available online. Proceeds from the settlement, if approved by the Court, will go the State of Michigan Retirement Systems and a putative class that consists of all persons and funds that purchased publicly issued common stock, preferred stock, bonds and notes of AIG from March 16, 2006 through September 16, 2008, and were injured thereby.
Miller Law attorneys E. Powell Miller, Marc L. Newman, Jayson E. Blake, Justin B. Vandeputte and M. Ryan Jarnagin prosecuted the action on behalf of the plaintiffs.
In re American International Group, Inc. 2008 Securities Litigation, Master File No. 1:08-cv-04772 (S.D.N.Y.)