American Insurance Group is in trouble again. The Jacksonville Police and Fire Pension Fund, never shy about initiating big-time lawsuits, has initiated the first subprime mortgage-related class action against the troubled insurance group.

The $1 billion pension fund, represented by lawyers at Bernstein, Litowitz, Berger & Grossman, has charged AIG with violating securities law by lying to investors about AIG’s exposure in the subprime mortgage crisis. Bernstein Litowitz has represented the fund on securities litigation in the past, says Gerald Silk, the lead Bernstein partner on the matter.

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