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AIG may settle disputes with SEC

NEW YORK, Nov. 23 (UPI) -- American International Group of New York agreed Tuesday to settle disputes with the government concerning transactions.

The transactions involve PNC Financial Services of Pittsburgh, Pa.

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AIG also agreed to settle its dispute with the Securities Exchnage Commission concerning Brightpoint Inc. of Plainfield, Ind.

AIG said the company and its AIG Financial Products Corp. unit proposed a deal to the Securities and Exchange Commission and reached an agreement with the Department of Justice. AIG declined to provide specifics of the settlements and said the company has no additional comment.

Final settlement requires approval from the SEC, the Department of Justice and the United States District Court.

AIG faced the possibility of civil action for deals that regulators believed allowed PNC Financial to keep bad loans off its books. The company also faced a grand-jury probe into sales of earnings-smoothing products. The federal investigation looked at a contract with Brightpoint.

Brightpoint distributes products made by technology companies.

PNC Financial Services Group is a commercial bank.

American International Group is an international insurance and financial services organization, with operations in more than 130 countries.

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