Academic Articles

Lawyers in California asked a judge on Thursday to bar the American International Group from transferring money out of the state for 90 days, out of concern that the company may not have enough readily available assets to back its policies, as required by law. The request for an injunction came from a policyholder, Linda M. Harris, who is also a financial planner and who recommended A.I.G.’s annuities to her clients long before the insurance company’s government rescue last fall. She filed suit earlier this year, saying she had unintentionally put people into long-term investments that had proved riskier than she understood. Now she wants to make sure A.I.G. can pay in the long run.