WASHINGTON, Oct. 21 (UPI) -- New York insurer American International Group said Thursday it is under investigation by a federal grand jury.
New York Attorney General Eliot Spitzer already has accused insurance broker Marsh & McLennan, among others, of fixing insurance prices.
The case against AIG focuses on a contract the company had with Brightpoint, a cell phone distributor based in Indiana. AIG settled the case with the Securities and Exchange Commission last year for $10 million.
But AIG Chairman Maurice Greenberg said the proceedings will not have a major impact on the insurer's longer-term business prospects.