Class Actions Presses AIG For Being Too Pushy

Investors have filed a class action againstAIG Advisor Group和它的父母,American International Group, for failing to tell customers that sales personnel were pressured to sell certain mutual funds that came with financial incentives and rewards to AIG and its staff. According to the complaint, filed in U.S.District Court for the Eastern District of New York, AIG pushed the mutual fund families of such firms asAIG Sun America, AIM, AllianceBernstein, American Funds, American Skandia, Fidelity Investments,Franklin Templeton,Oppenheimer,ScudderandVan Kampen, among others. In a statement, the law firm ofSchiffrin & Barroway, representing purchasers of Oppenheimer mutual funds, said, “Instead of offering fair, honest and unbiased recommendations to investors, the AIG Financial Advisors gave pre-determined recommendations, pushing clients into a pre-selected limited number of mutual funds” so that the company could “reap millions of dollars in kickbacks from Shelf-Space Funds.”