AIG settles U.S. tax shelter lawsuit

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In this news, we discuss the AIG settles U.S. tax shelter lawsuit.

NEW YORK (Reuters) – American International Group Inc AIG.N has agreed to settle tax shelter lawsuit related to entering fictitious transactions intended to generate bogus foreign tax credits, acting U.S. attorney Audrey Strauss said in Manhattan on Friday.

AIG accepted the denial of more than $ 400 million in foreign tax credits and the imposition of a 10% tax penalty, Strauss said.

Report by Jonathan Stempel in New York

Original © Thomson Reuters

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