AIG announces settlement with SEC

American International Group (AIG) has made an offer of settlement to the Securities Exchange Commission (SEC) with regard to a civil suit brought against the company and AIG Financial Products Corp. in the Spitzer probe regarding rigged bidding and fees paid to intermediaries. Although the terms of the settlement were not released by AIG, a company statement says it applies "with respect to issues arising from certain structured transactions with The PNC Financial Services Group, Brightpoint Inc., and other matters". AIG says it has also reached an agreement in principle with the U.S. Department of Justice.