AIG Ordered to Cover Most of Advertising Firm’s SEC Settlement

An American International Group Inc. unit must exhaust its policy limits to cover the bulk of a $26 million settlement that advertising company Clear Channel Outdoor Holdings Inc. paid in 2023 to resolve an SEC enforcement action alleging foreign bribery.

The directors and officers insurance policy issued by AIG’s Illinois National Insurance Co. provides for coverage of disgorgement and prejudgment interest in the Securities and Exchange Commission’s settlement, Judge Patricia A. Winston wrote in a Tuesday opinion for the Delaware Superior Court.

Those amounts count as a covered loss from a securities claim under the policy, Winston said.

Clear Channel ...