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 NEW YORK (AP) - American International Group Inc., one of the world's largest insurance companies, has agreed to pay $1.64 billion to resolve allegations that it used deceptive accounting practices to mislead investors and regulatory agencies.
The deal — believed to be the biggest concluded by regulators with a single company — also requires the New York-based firm to adopt changes in its business practices that will ensure proper accounting procedures in the future.
AIG said in a statement that the settlement was approved by its board "in the best interest of the company."
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