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Gen Re paying $92.2M to settle charges

The Columbian
Published: January 20, 2010, 12:00am

WASHINGTON (AP) — The insurer General Re Corp. has agreed to pay $92.2 million to settle charges by federal authorities’ and shareholder claims over its alleged role in accounting misconduct schemes by American International Group and Prudential Financial.

The Securities and Exchange Commission announced the settlements Wednesday with Gen Re, which is part of Berkshire Hathaway Inc., the company led by billionaire investor Warren Buffett.

The SEC says Gen Re is paying $12.2 million to settle the SEC’s civil charges over AIG and Prudential and another $19.5 million in a non-prosecution agreement with the Justice Department settling a criminal probe of transactions with AIG.

The agency says Gen Re will also pay $60.5 million to resolve a class-action lawsuit by AIG shareholders.

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