AIG 401(k) Losses

Current and former employees of American International Group, Inc. (AIG-NYSE) filed several cases in federal court in the Southern District of New York against the Company under the Employee Retirement Income Security Act of 1974 ("ERISA"). Zimmerman Reed currently represents some of these employees. Under ERISA, participants in the AIG retirement plan can file a lawsuit if the Administrator of the Plan put participants' retirement savings at risk thus violating the Administrator's fiduciary duty to its participants. A fiduciary is the person who exercises discretion over the management of plan assets or exercises discretionary control over the administration of the plan. If a Plan Administrator imprudently invests participants' retirement fund assets in the company's own stock, that Administrator may have breached their fiduciary duty.

After the plaintiffs in these actions moved to consolidate all of the filed cases, the Court consolidated those cases and recently appointed the law firms of Squitieri & Fearan, LLP, Harwood Feffer, LLP, Wolf Popper, LLP, and Keller Rohrback, LLP to serve as interim Co-Lead Counsel. Zimmerman Reed will work with these firms to represent the employees.

If, after all of the Court proceedings, the plaintiffs are successful, they will obtain recovery on behalf of all plan participants and beneficiaries. If you are a current or former employee of AIG and have portions of your 401K plan invested in AIG, you may be eligible to recover losses suffered from your investments in Company stock.

If you have further questions about the lawsuit, please feel free to call our office toll free at 800-755-0098 or click here to send us an email.