The Law Firm of Labaton Sucharow LLP Announces a Proposed Class Action Settlement with American International Group, Inc.

Proposed AIG Class Settlement is $725 Million.

Total Settlements for Class Members could exceed $1 billion.(1)

NEW YORK, Oct. 25, 2011  /PRNewswire/ -- To:  All persons or entities who purchased or otherwise acquired publicly-traded securities issued by American International Group, Inc. during the period from October 28, 1999 through April 1, 2005, inclusive, (the "Class Period") and who were damaged thereby.

YOU ARE HEREBY NOTIFIED that in In re American International Group, Inc. Securities Litigation, No. 04 Civ. 8141 (the "Action"), the Court has preliminarily certified a settlement class for purposes of a proposed partial settlement only and that the Ohio Public Employees Retirement System, State Teachers Retirement System of Ohio and Ohio Police & Fire Pension Fund (collectively, "Lead Plaintiff") and American International Group, Inc. ("AIG") have entered into a proposed partial settlement (the "Settlement") of $725 million to resolve all claims asserted in the Action against AIG and certain related defendants.  A hearing will be held before the Honorable Deborah A. Batts, in the United States District Court for the Southern District of New York, United States Courthouse, 500 Pearl Street, New York, New York 10007 at 11:00 a.m. on January 31, 2012 to determine whether the proposed Settlement with AIG should be approved by the Court as fair, reasonable and adequate, to consider final certification of the proposed Settlement Class, to consider the application of Lead Plaintiff's counsel for attorneys' fees and reimbursement of litigation expenses and to consider the application of Lead Plaintiff for the reimbursement of costs and expenses.  The Court may change the date of the hearing without providing additional notice to the Settlement Class Members.  

IF YOU PURCHASED OR ACQUIRED AIG SECURITIES DURING THE CLASS PERIOD DESCRIBED ABOVE, YOUR RIGHTS WILL BE AFFECTED BY THE SETTLEMENT AND YOU MAY BE ENTITLED TO SHARE IN THE SETTLEMENT PROCEEDS.  If you are a Settlement Class Member and did not submit a Proof of Claim in connection with the previously announced settlement with defendant PricewaterhouseCoopers LLP (the "PwC Settlement"), in order to be eligible to share in the distribution of the net proceeds of the Settlement, you must submit a Proof of Claim no later than January 23, 2012, establishing that you are entitled to a recovery.  This is also the deadline for submitting a new Proof of Claim if you did not include all Class Period transactions on your PwC Proof of Claim that you would like considered in the calculation of your claim in this Settlement with AIG.  

If you are a Settlement Class Member and already filed a complete Proof of Claim in the PwC Settlement, you must submit a Release Form no later than January 23, 2012.  You will be bound by any judgment entered in the Action whether or not you make a Claim or submit a Release Form.  If you have not yet received the Notice of Proposed Settlement, Motion for Attorneys' Fees and Expenses Award and Fairness Hearing (the "Notice"), Proof of Claim form and/or Release Form, you may obtain copies of these documents by contacting the Administrator at: AIG Securities Litigation - Company Settlement, c/o Rust Consulting, Inc., P.O. Box 8017, Faribault, MN 55021-9417, (888) 356-0263 or [email protected].  Copies of the Notice, Proof of Claim form and Release Form may also be downloaded from: www.AIGSecuritiesLitigationCompanySettlement.com or www.labaton.com.

Inquiries, other than requests for information about the status of a claim, may also be made to Lead Counsel:

LABATON SUCHAROW LLP
Thomas A. Dubbs, Esq.
Louis Gottlieb, Esq.
140 Broadway
New York, New York 10005
(866) 779-0843
[email protected]
www.labaton.com

If you desire to be excluded from the Settlement Class, you must file a request for exclusion by December 30, 2011, in the manner and form explained in the Notice.  If you request exclusion from the Settlement Class and later seek to pursue your own action against AIG and to obtain discovery taken by Lead Counsel (such as deposition transcripts), then Lead Plaintiff will in all likelihood seek to file a motion with the Court to obtain advance payment of reasonable compensation for the Settlement Class for the costs (including the value of Lead Counsel's time, i.e. "lodestar") related to such discovery.  All members of the Settlement Class who do not request exclusion will be bound by any judgment entered in the Action.

Any objection to the proposed Settlement, Plan of Allocation, application for attorneys' fees and reimbursement of litigation expenses or the cost and expense application of Lead Plaintiff must be filed with the Court and delivered to counsel for the parties no later than December 30, 2011 at the addresses provided in, and in the manner and form set forth in the Notice.

PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE
REGARDING THIS NOTICE.

DATED: October 25, 2011

BY ORDER OF THE UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK

(1) Lead Plaintiff has entered into settlement agreements or contingent settlement agreements with all defendants in the Action, which have a combined settlement value of $1.0095 billion.  On November 30, 2010, the Court held a fairness hearing on Lead Plaintiff's proposed $97.5 million settlement with AIG auditor PricewaterhouseCoopers LLP which was subsequently approved.  Lead Plaintiff has also reached a $115 million contingent settlement agreement with former AIG CEO Maurice "Hank" Greenberg and related defendants, which was filed with the Court on January 6, 2011. Finally, Lead Plaintiff has reached a proposed $72 million settlement with General Reinsurance Corporation ("Gen Re").  On September 10, 2010, the Court issued an Order dismissing the class claims against Gen Re.  On October 21, 2010, Lead Plaintiff filed a notice indicating that it will appeal the Court's September 10th Order.

SOURCE Labaton Sucharow LLP