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AIG Settles With Oregon For $12.5 Million

SALEM, ORE. (CN) - The State of Oregon agreed to accept $12.5 million and let insurance corporation AIG off the hook for a state complaint of bid-rigging.

In a complaint filed on Jan. 29 in Marion County court, Oregon had originally accused AIG's property insurance subsidiaries of bid-rigging and charging artificially inflated prices for commercial insurance policies. The stipulated general judgment, entered on Feb. 4, says that "AIG Insurers do not admit liability under the antitrust laws...by agreeing to this Judgment."

Besides paying $12.5 million to the Oregon Attorney General, AIG must submit to a report by an independent consultant to review the company's financial reporting. The Oregon Attorney General agreed to end any investigations related to the allegations against AIG in the original complaint.

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