Tuesday, June 19, 2012

Missouri nets $1 million in AIG settlement

Posted By on Tue, Jun 19, 2012 at 10:01 AM

AIG will be cutting a $1 million check to Missouri.
  • MSNBC
  • AIG will be cutting a $1 million check to Missouri.
The bill has come due for the American International Group, Inc. As part of a $146.5 million settlement (including $100 million in fines) over the underreporting of revenue from workers' compensation insurance premiums, AIG will pay out $1 million to Missouri and $560,329 to Kansas.

A four-year multistate investigation uncovered the underreporting, which dates back more than a quarter of a century. The investigation found that AIG underreported the volume of premiums in order to pay less taxes. Under the terms of the settlement, AIG did not admit any wrongdoing.

Missouri has earmarked the funds for schools, while Kansas will put the money in its general fund.

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