Barrack, Rodos and Bacine Announces Record Settlement of AIG 2008 Securities Class Action

 Barrack, Rodos and Bacine Announces Record Settlement of AIG 2008 Securities
                                 Class Action

PR Newswire

PHILADELPHIA, Aug. 4, 2014

PHILADELPHIA, Aug. 4, 2014 /PRNewswire/ --Barrack, Rodos & Bacine, a lead
counsel in the American International Group, Inc. 2008 Securities Litigation
class action lawsuit pending in the U.S. District Court for the Southern
District of New York, announces that settlements totaling $970.5 million have
been reached in the case.The recovery was achieved by BR&B client, the State
of Michigan Retirement Systems, as the Court-appointed lead plaintiff, after
six years of intense litigation, which included the completion of all fact
witness discovery and full briefing, an evidentiary hearing, and argument on
lead plaintiff's motion for class certification.The settlements were reached
through negotiations spanning over two years, with the assistance of mediator
Layn Phillips, a former U.S. District Court Judge.

If approved by the Court, the total settlement amount will be among the
largest recoveries ever achieved in a securities fraud class action stemming
from the 2008 financial crisis. It would release claims of the members of the
putative class, which consists of all persons and funds that purchased
publicly issued common stock, corporate units, bonds, subordinated debentures
and notes of AIG from March 16, 2006 through September 16, 2008, and were
injured thereby.

Leonard Barrack, the senior partner of Barrack Rodos & Bacine, stated: "We
brought this case to protect the interests of investors. We are very pleased
that we were able to achieve this recovery, and look forward to presenting the
settlements to the Court for its consideration."

Jeffrey Golan, who served as the firm's primary counsel in the case, added:
"We are honored to have served as a lead counsel for this case and to have
achieved this recovery for the class.We also congratulate Michigan's State
Treasurer, Attorney General and the State of Michigan Retirement Systems, who
stepped up to the plate to oversee the prosecution of this important case, and
encourage all members of the class to retain their records showing their
purchases, sales and holdings of AIG stock and other securities within the
class period, pending the Court's consideration of the settlements."

According to BR&B partner, Robert Hoffman, "the proposed securities class
action settlement is one of the largest ever achieved in the absence of a
criminal indictment or an SEC enforcement action, and demonstrates the
importance of private securities litigation as a means of recovery for injured
investors."

Persons with questions concerning the settlement or the case in general may
contact Barrack, Rodos & Bacine, 3300 Two Commerce Square, 2001 Market Street,
Philadelphia, PA 19103, (215) 963-0600, www.barrack.com.

SOURCE Barrack, Rodos & Bacine

Website: http://www.barrack.com
Contact: Jeffrey W. Golan, Esq., Barrack, Rodos & Bacine, 3300 Two Commerce
Square, 2001 Market Street, Philadelphia, PA 19103, (215) 963-0600,
www.barrack.com.
 
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