AIG settles U.S. tax shelter lawsuit By Reuters

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NEW YORK (Reuters) – American International Group Inc (N:) agreed to settle a tax shelter lawsuit related to the entering of sham transactions designed to generate bogus foreign tax credits, Acting U.S. Attorney Audrey Strauss in Manhattan said on Friday.

AIG agreed to the disallowance of more than $400 million in foreign tax credits and the imposition of a 10% tax penalty, Strauss said.

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