Archive for July 22nd, 2010

AIG settles Ohio securities fraud class action case

Insurance giant American International Group Inc. (AIG) has settled, pending court approval, a multi-million dollar class action case involving wide-spread securities fraud. The lawsuit alleged anti-competitive market division, accounting violations, and stock price manipulation by AIG.

The lead plaintiffs in the class action lawsuit were the Ohio Public Employees Retirement System, State Teachers Retirement System of Ohio, and the Ohio Police and Fire Pension Fund.

For the full story, go to the Washington Post.

Posted in Class Actions, Securities

Mining company settles coal mine death case of West Virginia miner

Mining company Massey Energy, which was subject to civil and criminal investigations after 29 coal miners were killed and two were injured in a 2008 West Virginia mine explosion, has settled with the family of one of the workers.  Government investigators concluded that Steven Cain was crushed to death between the wall of the mine and an underground railroad car during the April 2008 blast.

Virginia-based Massey Energy also operates mines in Virginia and Kentucky.

For the full story, go to the Washington Post.

Posted in Occupational Injuries