Boston, MA 09/27/2013 (wallstreetpr) – American International Group Inc (NYSE:AIG) and Brookfield Asset Management have mutually agreed to bring to a close a lawsuit in which the latter had sought that the collapse of the insurance company had set-off interest rate swaps and default provisions. Brookfield had sued American International Group Inc (NYSE:AIG) in a Manhattan Federal Court and alleged that the company and the Financial-products unit refused that a default had occurred even though the insurer had received a bailout package of $182.3B from the United States government.
The Toronto-based Brookfield and its own Brysons International unit(that had taken part in the lawsuit as a plaintiff), both sought a declaration from the Manhattan Federal Judge that the collapse of the insurer had triggered some default-provisions in 2 different interest rate swaps in 1990. American International Group Inc (NYSE:AIG) had said that Brookfield had made an attempt to actually evade a debt of $1.5 billion.
In filings, Brysons, American International Group Inc (NYSE:AIG) and Brookfield had notified Ronnie Abrams the U.S District Judge that they all have agreed to end this lawsuit and that each of them would bear their own fees, costs and expenses
Thursday’s trading
In Thursday’s trading, American International Group Inc (NYSE:AIG) stock dropped by 0.18%. The opening price of the shares was $49.69 which climbed to an intraday high of $49.80 and dropped to a close of $49.45. Approximately 5.69 million shares were traded on Thursday and an average volume of 8.94 million shares was traded over a 30 day period. The 52- week low of the shares was $30.64 and the 52-week high was $50.99. The company has a market capitalization of 73.32 billion.
About the company
American International Group Inc (NYSE:AIG) is a global-insurance company. It provides a variety of products such as property-casualty insurance, retirement products, life insurance, and mortgage insurance as well as other financial-services to customers in across 130 countries.
