Kaplan Fox & Kilsheimer LLP Investigating Reports Of AIG Misleading Teachers Regarding Retirement Plans

PRNewswire 29-Oct-2019 8:58 PM

NEW YORK, Oct. 29, 2019 /PRNewswire/ -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating reports that the Securities and Exchange Commission (SEC) is probing sales and disclosure practices of Valic, a unit of American International Group, Inc. (NYSE:AIG) that reportedly handles retirement plans for school districts and universities.

According to The Wall Street Journal, "the inquiry centers on whether incentives in Valic's compensation structure rewarded representatives for selling higher-cost products to retirement plan participants and whether Valic materials and representatives properly disclose the payments its representatives receive on certain product sales, the people familiar with the matter said."  Further, according to The Wall Street Journal, "[t]he SEC is also looking at Valic's arrangements with school districts, in which it provides money to cover certain school expenses while also offering investment advice and products to school employees. . . ."  Reportedly, in recent weeks, a number of high-level Valic executives have been placed on administrative leave.

If you are a teacher, or other school employee who may have invested in one of the retirement plans put in place by Valic and would like to discuss our investigation, please contact us by emailing pmayer@kaplanfox.com or by calling 800-290-1952. 

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting consumer class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com.  If you have any questions about your rights or interests, please contact:

Frederic S. Fox
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(800) 290-1952
(212) 687-1980
Fax: (212) 687-7714
E-mail: ffox@kaplanfox.com

Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
350 Sansome Street, Suite 400
San Francisco, California  94104
(415) 772-4700
Fax:  (415) 772-4707
E-mail: lking@kaplanfox.com 

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SOURCE Kaplan Fox & Kilsheimer LLP