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AIG investors to receive $970.5m over pre-crisis shares | AIG investors to receive $970.5m over pre-crisis shares |
(35 minutes later) | |
Investors who bought shares in American largest insurance firm, AIG, in the lead up to the financial crisis will receive a total of $970.5m (£649m) after a landmark settlement was approved by a US court. | |
The payout was initially agreed by AIG in August last year. | |
AIG, which issued credit guarantees for sub-prime mortgages, was bailed out by the US government in 2008. | AIG, which issued credit guarantees for sub-prime mortgages, was bailed out by the US government in 2008. |
Shareholders claim they were misled about AIG's exposure to such mortgages. | Shareholders claim they were misled about AIG's exposure to such mortgages. |
Sub-prime loans are those given to people with patchy credit histories or cannot prove their incomes. | |
The case is believed to be one of the largest settlements for shareholders relating to the financial crisis. | The case is believed to be one of the largest settlements for shareholders relating to the financial crisis. |
It covers shareholders who invested in AIG between 2006 and 2008. |
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