U.S. judge approves $72 mln fraud pact with Berkshire's Gen Re
NEW YORK, Sept 10
NEW YORK, Sept 10 (Reuters) - A U.S. judge on Tuesday approved a $72 million settlement by Berkshire Hathaway Inc's General Re Corp to resolve claims that it engaged in a sham deal that helped fraudulently inflate American International Group Inc's loss reserves.
The settlement's approval brings to an end nine years of shareholder litigation revolving around AIG accounting practices dating to 1999. The latest decision brings the total number of approved settlements to more than $1 billion.
In making the settlement, the company did not admit liability or wrongdoing.