{"id":5488,"date":"2013-08-12T00:00:00","date_gmt":"2013-08-12T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2013\/08\/aig_sued_by_nuveen_funds_for_s"},"modified":"2022-05-04T14:23:03","modified_gmt":"2022-05-04T19:23:03","slug":"aig-sued-by-nuveen-funds-for-s","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/aig-sued-by-nuveen-funds-for-s\/","title":{"rendered":"AIG Sued by Nuveen Funds For Securities Fraud"},"content":{"rendered":"\n

25 Nuveen Investments Inc. funds have filed a securities fraud lawsuit<\/a> against American International Group (AIG) accusing the company of federal securities laws and Illinois securities law violations, common law fraud, and unjust enrichment in the months before the 2008 US financial crisis. They want unspecified monetary damages. Also named as defendants are ex-CEO Martin J. Sullivan, ex-CFO Steven Besinger, and Joseph Casano, who was in charge of the AIG Financial Product unit.<\/p>\n

Among the funds suing AIG are the Nuveen Large Cap Value Fund, the Nuveen Equity Premium Opportunity Fund, and the Dow 30 Enhanced Premium. The funds purchased AIG securities at prices that were purportedly inflated and dropped when the truth was revealed. <\/p>\n

The plaintiffs claim that they lost tens of billions of dollars in part because of materially misleading and false statements that AIG and others allegedly made. They contend that when the housing market started to fail, AIG told analysts that the risks it faced were \u201cmodest and remote\u201d and that they didn\u2019t see any potential financial losses tied to the swaps business. <\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

25 Nuveen Investments Inc. funds have filed a securities fraud lawsuit against American International Group (AIG) accusing the company of federal securities laws and Illinois securities law violations, common law fraud, and unjust enrichment in the months before the 2008 US financial crisis. They want unspecified monetary damages. Also named as defendants are ex-CEO Martin […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3741],"tags":[],"class_list":["post-5488","post","type-post","status-publish","format-standard","hentry","category-securities-fraud"],"yoast_head":"\nAIG Sued by Nuveen Funds For Securities Fraud — Investor Lawyers Blog — August 12, 2013<\/title>\n<meta name=\"description\" content=\"25 Nuveen Investments Inc. funds have filed a securities fraud lawsuit against American International Group (AIG) accusing the company of federal — August 12, 2013\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/aig-sued-by-nuveen-funds-for-s\/\" \/>\n<meta name=\"twitter:card\" 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