Acknowledging its role in a fraudulent scheme to manipulate financial statements from American International Group (AIG), Stamford, Conn.–based General Reinsurance Corp. has reached a series of deals totaling $92 million to settle the case.
According to the U.S. Department of Justice, General Re has agreed to pay $19.5 million to the U.S. Postal Inspection Service Consumer Fraud Fund and an additional $12.2 million to settle charges leveled by the U.S. Securities and Exchange Commission. To compensate shareholders of New York-based AIG, General Re will also pay a $60.5 million class action settlement.
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