Litigation
Oct. 12, 2011
French banks settle suit with AIG
On the eve of trial and after more than six years of litigation, Credit Lyonnais SA has agreed to pony up $150 million to settle allegations that it defrauded insurance giant AIG.
Daily Journal Staff Writer
LOS ANGELES - On the eve of trial and after more than six years of litigation, Credit Lyonnais SA has agreed to pony up $150 million to settle allegations that it defrauded insurance giant AIG.
AIG Retirement Services filed a federal lawsuit in Los Angeles in 2005 alleging the French bank and other French business groups defrauded subsidiary SunAmerica of more than $1 billion.
The suit alle...
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