AIG Securities Litigation - Gen Re Settlement

IMPORTANT: Co-Lead Counsel Labaton Sucharow LLP and Hahn Loeser & Parks LLP are pleased to inform you of a third distribution of the Net Settlement Funds created in the four settlements in the AIG Securities Litigation – the “PwC,” “Company,” “Starr” and “Gen Re” Settlements. On November 12, 2019, settlement payments were distributed to Authorized Claimants who cashed their checks from the June 29, 2018 second distribution and whose payment amount calculated to at least $25. If you received a check from the third distribution, please cash it promptly as it will become stale on the date listed.

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The following is a summary of information presented in more detail in the Notice of Proposed Settlement, Motion for Attorneys’ Fees and Expenses Award and Fairness Hearing (the "Notice"), which Class Members should have received in the mail, and which you can access by clicking on the “Notice” link on the left. Since this is just a summary, you should review the full Notice for additional details.

If you would like information about:

American International Group Securities Litigation-PwC Settlement please click here.
American International Group Securities Litigation-Company Settlement please click here.
American International Group Securities Litigation-Starr Defendants Settlement please click here.

 

Terms of the Settlement

In exchange for the Settlement and dismissal of the Released Claims, Gen Re agreed to fund a $72 million (before interest) account that was divided, after deduction of Court-awarded attorneys’ fees and expenses, Lead Plaintiff expenses, Notice and Administrative Expenses, and any applicable taxes, (“Distribution Amount”) among all Class Members who timely submitted valid Proof of Claim forms that showed a Recognized Loss.  Your share of the Distribution Amount depended on several things, including: (1) the amount of Recognized Losses of other Class Members who filed valid Proofs of Claim; (2) how many AIG Securities you bought; (3) how much you paid for them; (4) the type of security bought; (5) when you bought them; (6) whether or when you sold them (and, if so, for how much you sold them).

Your Recognized Loss was calculated according to the formula shown in the Plan of Allocation.  It is unlikely that you got a payment for your entire Recognized Loss, given the number of potential Class Members with Recognized Losses.  The payment you got was a portion of the Distribution Amount equal to your Recognized Loss divided by the total of all Class Members’ Recognized Losses and multiplied by the total Distribution Amount. (See the Plan of Allocation in the Notice for more information.)

 

Further Information

Further information regarding the Action, the Notice and your Proof of Claim or Release form may be obtained by contacting the Administrator or reading through the Notice link on the left.