AIG Suit Dismissed
December 21, 2009
New York-based American International Group Inc. scored a victory in California Superior Court after a judge dismissed a lawsuit filed by a financial planner.
Linda M. Harris, president of Independent Financial Group Inc., had purchased annuities from AIG' subsidiary SunAmerica Annuity and Life Assurance Co. Harris accused AIG of acting as an "massive hedge fund, using assets from the once profitable affiliate California insurance and retirement companies and depositing them in high-risk investments” and employing “unlawful, deceptive and unfair business practices.” The suit also name AIG’s auditor, PricewaterhouseCoopers LLP.
Citing a lack of a contract between AIG and Harris, Judge Yvette M. Palazuelos dismissed the case, but afforded the plaintiff 30 days to amend and resubmit the suit.
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