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American International Group, Inc.
AIG today announced that it has
agreed to the consensual termination of an interest rate swap agreement with
Brookfield Asset Management, Inc., in exchange for the payment from Brookfield
to AIG of $905 million.
This swap agreement was part of the remaining derivatives portfolio of AIG
Financial Products ("AIGFP") and carried on AIG's June 30, 2013 balance sheet
at $900 million, and the settlement is not expected to have an impact on AIG's
profit or loss. This swap agreement was subject to previously disclosed
litigation which the parties have agreed to dismiss. Additional information
regarding this litigation was contained in AIG's Quarterly Report on Form 10-Q
for the quarter ended June 30, 2013. The proceeds of the settlement are
expected to contribute towards the continued wind down of the remaining
derivatives portfolio of AIGFP, which is a part of Global Capital Markets.
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