LOS ANGELES (CN) – A financial planner claims American International Group is defrauding policy holders and advisers by falsely claiming that AIG’s more than $200 billion in losses, which sent AIG share price from $70 to less than $2, have been “walled off and kept separate from” AIG’s losses in financial derivatives. The Independent Financial Planning Group says “that allegation is false.”
Linda Harris, who runs the Independent Financial Planning Group, says she has recommended AIG products to many clients, and “is legitimately concerned” about AIG’s financial stability “and its ultimate ability to pay any future claims on the underlying policies she has sold to her clients.”
She demands an injunction that will prevent AIG from “purchasing or selling financial derivatives that would expose AIG’s California policy holders to risk of loss,” among other things.
She is represented in Superior Court by Michael Aguirre with Aguirre, Morris & Severson of San Diego.