Oregon Public Broadcasting

AIG -- the company at the center of Wall Street's implosion in 2008 -- has agreed to pay Oregon $8 million.

It's good news for the state's employees, who saw their pensions shrink after the crash. 

But, as Kristian Foden-Vencil reports, if you invested your money into AIG stock, don't expect a check anytime soon.

AIG admitted no guilt as part of the settlement.

But James Sinks, with the Oregon Treasurer's office, says the company was up to all kinds of skullduggery.

James Sinks: "They failed to report as part of their regular disclosures some of the things that they were doing with credit default swaps."

The lawsuit complained that AIG repeatedly failed to disclose those complex mortgage related activities -- and that the company had a bid-rigging scheme going on with other insurers.

The complaint said those activities pushed AIG stock unrealistically high, so that when corporate documents were corrected, the decline was precipitous.

Sinks says Oregon lost about $15 million -- so the state is getting a little more than half the money back.

James Sinks: "This is important not just because it's $8 million that is helping to restore some losses. But because it slows other folks out there that if you're considering not reporting adequately what's happening, that you could get in trouble and we may sue you."

That’s all well and good for Oregon state employees.

But what about individual investors -- people who've been doing as they've been advised and buying stock over time for their nest egg?

Portland lawyer, Rick Yugler, says individual investors are basically out of luck.

Rick Yugler: " The complexity of the case, the amount of documents that need to be reviewed, the experts you need to hire make it economically impossible for an individual investor to successfully pursue."

Your best chance is to join a class action suit.

And there are such suits around. But for many, the sign-up deadline is well past.  

A spokesman for AIG would not comment on tape, but he released a statement saying the company is pleased to have resolved the Oregon case; and that it remains focused on repaying the American taxpayer.