Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:AIG Slapped With Class Action Suit Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, May 15, 2006

AIG Slapped With Class Action Suit

by: Armie Margaret Lee

American International Group has been hit with a class action lawsuit brought on behalf of investors in Fidelity mutual funds. The suit, filed by law firm Schiffrin & Barroway, LLP in the US District Court of the Eastern District of New York, alleges that AIG and some of its affiliated entities did not properly disclose that they had been pushing sales personnel to sell certain funds that provided incentives to AIG.

According to the complaint, which was filed on behalf of purchasers of 165 Fidelity funds from the AIG Advisor Group from June 30, 2000 to June 8, 2005, the defendants steered clients to pre-selected funds, the sales of which increased the defendants' overall profits, but diminished investors' returns.

The AIG Advisor Group included Royal Alliance Inc., SunAmerica Securities Inc., FSC Securities Corp., Sentra Securities Corp., Spelman & Co. Inc. and Advantage Capital Corp. during the class period.

Besides Fidelity, other fund firms said to have struck shelf-space agreements with AIG include AIG SunAmerica, AIM, AllianceBernstein, American Funds, American Skandia, Columbia, Fidelity, Franklin Templeton, Hartford, John Hancock, MFS, NationsFunds, Pacific Life, Pioneer, Putnam, Oppenheimer, Scudder, Van Kampen, and WM Funds Distributor, Inc. 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2024: Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2024
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use