UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (Date of earliest event reported): March 4, 2010
Commission file number 1-06155 AMERICAN GENERAL FINANCE CORPORATION | ||
(Exact name of registrant as specified in its charter) | ||
Indiana |
| 35-0416090 |
(State of Incorporation) |
| (I.R.S. Employer Identification No.) |
601 N.W. Second Street, Evansville, IN |
| 47708 |
(Address of principal executive offices) |
| (Zip Code) |
(812) 424-8031 | ||
(Registrant’s telephone number, including area code) | ||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 8.01. Other Events.
On March 4, 2010, Wilmington Finance, Inc. (WFI), a wholly owned subsidiary of American General Finance Corporation (AGFC), and AIG Federal Savings Bank (AIG Bank), a non-subsidiary affiliate of AGFC, settled a civil lawsuit brought by the United States Department of Justice (DOJ) for alleged violations of the Fair Housing Act and the Equal Credit Opportunity Act. The DOJ has alleged that WFI and AIG Bank allowed independent wholesale mortgage loan brokers to charge certain minority borrowers higher broker fees than were charged to certain other borrowers between 2003 and 2006. WFI and AIG Bank deny any legal violation, and maintain that at all times they conducted their lending and other activities in compliance with fair-lending and other laws. As part of the settlement, WFI and AIG Bank agreed to provide $6.1 million for borrower remediation. Upon completion of the remediation, all remaining funds shall be distributed for consumer education purposes. In the event that the remaining funds do not total at least $1 million, AIG Bank and WFI have agreed to replenish the fund up to $1 million for distribution for educational purposes. In addition, AIG Bank and WFI will incur certain costs associated with administering the settlement. WFI ceased wholesale mortgage lending originations in 2008.
Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| AMERICAN GENERAL FINANCE CORPORATION |
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| (Registrant) |
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Date: | March 5, 2010 |
| By | /s/ | Donald R. Breivogel, Jr. |
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| Donald R. Breivogel, Jr. |
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| Senior Vice President and Chief Financial Officer |
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