NEW YORK, June 9, 2008 (PRIME NEWSWIRE) -- A month after American International Group, Inc. (AIG) announced a record quarterly net loss of close to $8 million, AIG's employees and investors continue to face significant losses and uncertainty. On Friday, AIG shares continued their now year-long slide to close at a new low of $33.93 per share. The market price of AIG shares has declined $38.68 per share since June 19 of last year, or 53.27%.
The record quarterly loss was triggered by a $9.11 billion write-down on a credit derivatives portfolio. Mounting losses on the company's assets and insurance products tied to the residential mortgage market continue to hurt employees and investors' holdings in AIG.
Scott+Scott is investigating possible claims on behalf of AIG employees and pension plan participants, including 401(k) participants, against the company for alleged violations of the Employee Retirement Income Security Act (ERISA). If you are an employee of AIG and wish to discuss this notice or your rights, please contact Scott+Scott (scottlaw@scott-scott.com, (800) 404-7770, (860) 537-5537 or visit the Scott+Scott website, http://www.scott-scott.com) for more information. There is no cost or fee to you.
Scott+Scott is a law firm with significant experience in prosecuting investor and employee class actions. The firm currently is litigating major securities, antitrust and employee retirement plan actions throughout the United States and represents pension funds, foundations, individuals and other entities worldwide.