Wolf Popper LLP Files ERISA Class Action Against American International Group

NEW YORK, NY, December 1, 2004 -- Wolf Popper LLP has filed a lawsuit in U.S. District Court for the Southern District of New York on behalf of participants or beneficiaries of the American International Group, Inc. ("AIG" or the "Company") 401k Savings Plan (the "Plan") for violations of the federal pension law (ERISA) in connection with the loss of value in AIG stock (NYSE: AIG) acquired and held by present and former employees of AIG through the Plan. The goal of this litigation is to recover damages sustained by the participants or beneficiaries of the Plan. The complaint can be viewed on Wolf Popper's website or obtained from the Court.

The lawsuit alleges that the fiduciaries of the AIG Plan violated their fiduciary duties by causing participants to invest and/or maintain an investment in AIG stock from November 1, 1998 to the present (the "Class Period"), during which time AIG failed to disclose certain improper business practices. In particular, during the Class Period, AIG touted itself as experiencing strong, sustainable growth, and as continuing to demonstrate positive results, when in truth, AIG was engaged in a plan whereby AIG paid so-called "contingent commissions" or kick-backs to certain brokers in exchange for "steered" business from the broker; in addition, AIG was a major participant in a "bid-rigging" scheme created to shield itself and certain other insurance companies from competition. These business practices were illegal and inflated AIG's revenue and income, and, thus, the Company's stock price. Moreover, because of AIG's central involvement in the scheme, the Company has been exposed to massive penalties and/or fines.

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