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Shareholders of the insurance giant American International Group have won approval of a $970.5 million settlement resolving claims that they were misled about its subprime mortgage exposure, leading to a liquidity crisis and $182.3 billion in federal bailouts.
Judge Laura Taylor Swain of Federal District Court granted final approval at a hearing in Manhattan on Friday for what lawyers for the investors called one of the largest class-action settlements to come out of the 2008 financial crisis.
It is the largest shareholder class-action settlement in a case in which no criminal or regulatory enforcement actions were ever pursued, the plaintiffs’ lawyers have said.
A.I.G. said it was pleased with the judge’s order.
The Justice Department and the Securities and Exchange Commission closed related investigations involving A.I.G. in 2010.
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