American International Group will pay seven insurers $450 million to settle a long-running case over an alleged $1 billion workers' compensation under-reporting scheme. ACE INA Holdings, Auto-Owners Insurance Co., Companion Property & Casualty Insurance Co., FirstComp Insurance Co., The Hartford Financial Services Group, Technology Insurance Co. and Travelers Indemnity Co. will receive the settlement.
However, reports say, Safeco Insurance Company of America and Ohio Casualty Insurance Co., whose ultimate parent is Liberty Mutual Insurance Co., oppose the settlement. The two companies filed the civil lawsuit against AIG in 2009, and had sough class-action status for the case.
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