|AIG ANNOUNCES SETTLEMENT WITH PETER YU AND WILLIAM JAROSZ|
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NEW YORK, Feb 09, 2006 -- American International Group, Inc. (AIG) announced that yesterday it reached an agreement with former employees Peter Yu and William Jarosz to resolve all outstanding disputes between them. While AIG is not at liberty to discuss all of the details of the settlement, AIG noted that Mr. Yu and Mr. Jarosz had previously claimed that they were owed money under their employment contracts and the settlement involves no payment of money to Mr. Yu or Mr. Jarosz. In addition, Mr. Yu and Mr. Jarosz have stated in connection with the settlement that "We have determined after review of internal documents that our terminations were not retaliatory." That statement confirms the Department of Labor's dismissal last November of a claim initiated against AIG and others by Mr. Yu and Mr. Jarosz alleging that the termination of their employment had been retaliatory.
"We are very pleased with the outcome," commented Robert Thompson, Senior Managing Director and Head of Alternative Investments at AIG Global Investment Group. "This settlement ensures that our AIG Capital Partners teams can continue to focus all of their energies on private equity investing and to maintain their leadership position in emerging markets."
AIG Global Investment Group (AIGGIG) is a worldwide leader in asset management, with extensive capabilities in equity, fixed income, hedge funds, private equity, and real estate. AIGGIG manages approximately US $515 billion in assets and employs more than 1,600 professionals in 44 offices around the world as of 31 December 2005. AIG Global Investment Group comprises a group of international companies which provide investment advice and market asset management products and services to clients around the world.
American International Group, Inc. (AIG), world leaders in insurance and financial services, is the leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In addition, AIG companies are leading providers of retirement services, financial services and asset management around the world. AIG's common stock is listed in the U.S. on the New York Stock Exchange and ArcaEx, as well as the stock exchanges in London, Paris, Switzerland and Tokyo.
American International Group, Inc.