Michigan has been named the lead plaintiff in the securities class action lawsuit against American International Group Inc. The lawsuit alleges that AIG misrepresented the risks of its investments in credit default swaps. Legal Newsline reports that the State of Michigan Retirement Systems invested in AIG on behalf of more than 600,000 state employees and judges.
For the state of Michigan, Attorney General Mike Cox and Treasurer Robert Kleine will reportedly oversee and manage the class action on behalf of the class of AIG stock and bond purchasers. According to previous reports, the State of Michigan Retirement Systems is represented by the law firm of Bernstein Liebhard & Lifshitz, as well as Barrack, Rodos & Bacine and The Miller Law Firm of Rochester, Mich.