Facts

AIG Retirement Services, formerly known as Sun America, purchased 33 percent of New California Life Holdings Inc. in 1993. Later, AIG discovered the company's owners were secret affiliates of Credit Lyonnais SA, a French bank.

PLAINTIFF'S CONTENTIONS:
AIG filed suit against Credit Lyonnais, Altus Finance, Artemis, and Maaf, among others, alleging fraud. AIG contended that Credit Lyonnais secretly controlled Executive Life, a U.S. life insurance company, in violation of laws prohibiting against foreign government banks owning an insurer.

DEFENDANTS' CONTENTIONS:
Defendants denied all liability.

Damages

Plaintiff sought in excess of $1 billion.

Result

The parties reached a settlement of $237,500,000.