According to published reports, PricewaterhouseCoopers LLP has agreed to pay $97.5 million after settling a case concerning audits of the American International Group insurance company. The class-action suit, filed by the State of Ohio on behalf of the Ohio Public Employees Retirement System, the State Teachers Retirement System and Ohio Police & Fire Pension Fund, alleges, according to the Salt Lake Tribune, that PwC violated securities laws by issuing unqualified audit opinions on the insurance company's financial statements. It seeks damages for investors who purchased AIG securities between late 1999 and April of 2005.
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