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The Boston Globe

Business

AIG will pay $300m to settle life-insurance probe

NEW YORK — American International Group will pay more than $300 million to settle a dispute with states over life insurance payments that go unclaimed, according to California’s finance office.

In one agreement over unclaimed property, AIG will pay an estimated $300 million owed on life-insurance claims, according to Jacob Roper, a spokesman for California State Controller’s office. That payment will be divided among 39 states and the District of Columbia.

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