News Summary: AIG to pay $300M to states
$300 MILLION: American International Group will pay more than $300 million to settle disputes with states over life-insurance payments that go unclaimed, according to California's finance office.
UNCLAIMED BENEFITS: In one settlement over unclaimed property, AIG will pay an estimated $300 million owed on life-insurance claims, according to Jacob Roper, a spokesman for California State Controller's office. That payment will be divided among 39 states and the District of Columbia.
MONITORING: In another settlement, AIG will pay $11 million to a group of states. The money will be used to help pay the costs of monitoring AIG's practices.