American International Group has agreed to pay $725 million to settle a class-action suit in Ohio regarding allegations of “wide-ranging fraud” involving public pension funds, according to Ohio Attorney General Richard Cordray.

A New York Supreme Court justice has called the state’s case against former American International Group executive Maurice “Hank” Greenberg, alleging fraud over a reinsurance transaction, both “devastating” and “strong.”

Berkshire Hathaway’s reinsurance unit, General Re, has entered into a deal with the U.S. Justice Department and the U.S. Securities and Exchange Commission to settle allegations it entered into sham reinsurance deals with both American International Group and Prudential Financial.

A unit of Berkshire Hathaway has struck a $1.3 billion deal with Swiss Re for a block of the company’s individual life reinsurance business where it will receive premiums, but also be liable for up to $1.5 billion in claims.

A pair of rating agencies is keeping its eyes on three Berkshire Hathaway subsidiaries as the company looks to acquire a majority share in the Burlington Northern Santa Fe railroad.

A former senior vice president with reinsurer General Re will spend two years on probation and pay a $10,000 fine after pleading guilty to manipulating American International Group’s financial statements.

The former chief financial officer of General Re was sentenced to 18 months in prison for her role in a fraudulent scheme to manipulate American International Group‘s financial statements.

Elizabeth A. …  Read →

According to IFAwebnews.com, Ronald E. Ferguson, former CEO of General Re Corp., was sentenced to two years in prison for his role in a fraudulent scheme to manipulate AIG‘s financial statements, …  Read →