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twitterInsurer: SEC considering suit
Monday, Oct. 4, 2004 | 9:18 a.m.
American International Group Inc., the world's largest insurer, said the Securities and Exchange Commission may sue it for failing to disclose that the regulator is probing transactions with two other insurers.
American International said the SEC is considering the suit because the New York-based company didn't mention the transactions in a Sept. 21 press release about the regulator's investigation into similar transactions with PNC Financial Services Group Inc., a Pittsburgh-based bank.
American International said any contentions that it has made false or misleading statements are without merit. Spokesman Joe Norton declined to identify the two insurers.
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