Finance

AIG shares dip on reports retirement unit Valic is under investigation

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AIG affiliates charged with mutual fund shares conflicts by the SEC on March 14, 2016.

JB Reed | Bloomberg | Getty Images

Shares of insurance giant AIG dropped 1% on reports that a subsidiary of the insurer, Valic, is under investigation by the Securities and Exchange Commission about its sales to schools and universities, people familiar with the matter told the Wall Street Journal on Tuesday.

The SEC is looking into Valic’s sales and disclosure practices and whether retirement plan clients at schools and universities are being properly informed about compensation and product costs. Valic is a unit of AIG that specializes in retirement plans,

The inquiry revolves around whether Valic…



Source cnbc.com

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