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.

Twenty-six public entities in Ohio, including several public schools and colleges, will benefit from $9 million American International Group plans to pay to settle a lawsuit claiming violations of the state’s antitrust laws.

Ohio’s attorney general says a federal court ruling granting class-action status for three of the state’s pension funds against American International Group is “a substantial step closer to justice.”

Five years after investors filed suit over loses they say were linked to the company failure to disclose illegal practices, Marsh & McLennan Co. has reached a settlement.

Former American International Group CEO Maurice “Hank” Greenberg and three other former executives with the insurer have reached a $115 million settlement with Ohio’s attorney general over allegations of anti-competitive …  Read →