San Francisco City & County Employees' Retirement System filed a lawsuit in federal court today against American International Group Inc., New York. The suit was filed in U.S. District Court in New York by San Francisco City Attorney Dennis Herrera on behalf of the $12.7 billion system. It seeks to recover $4.2 million in losses incurred by the pension plan on shares of AIG stock purchased between Oct. 1, 1999, and March 30, 2005, said Owen Clements, chief of special litigation in the San Francisco City Attorney's office.
Also named in the suit was General Re Corp., a unit of Berkshire Hathaway Inc., which has been connected with AIG's recent accounting woes. Spokesmen from AIG and General Re did not return calls by press time for comment. David Kushner, the plan's deputy director of investments, also could not be reached for comment.
Earlier this month, AIG said it would issue restated financial statements going back to 2000 that would reduce its net worth by $2.7 billion.