(MENAFN) American International Group Inc. shareholders won the approval of a USD970.5 million settlement resolving claims they were misled about its subprime mortgage exposure, Arab News reported.
US District Judge in Manhattan granted final approval at a hearing to what lawyers for the investors call one of the largest class action settlements to come out of the 2008 financial crisis.
It marks the largest shareholder class action settlement in a case where no criminal or regulatory enforcement actions were ever pursued, the plaintiffs' lawyers have said.
The settlement covers investors who bought AIG securities between March 16th of 2006, and September 16th of 2008, when the company received its first bailout, the US company said.
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