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AMERICAN GENERAL INVESTMENT CORPORATION ANNOUNCES REDUCTION IN JUDGMENT

 HOUSTON, Sept. 20 /PRNewswire/ -- American General Investment Corporation today announced that a Texas state district court, acting on a previously announced jury verdict, has further reduced by $60 million the amount of punitive damages awarded against the company in a case brought by the Avia Development Group.
 Punitive damages awarded by the jury in the case had previously been reduced by $73.4 million by the court in July 1993. With the recent reduction, the judgment now calls for $47.3 million in actual damages and $129.2 million in punitive damages. Reductions to date in the original jury award total $133.4 million.
 In commenting on the court's action, Harry M. Reasoner, a partner with Vinson & Elkins who represents American General, said, "We are pleased that this case is moving in the direction we anticipated and we remain of the view that a final judgment favorable to American General should ultimately be entered."
 NOTE: American General Investment Corporation is a real estate subsidiary of Houston-based American General Corporation (NYSE: AGC).
 -0- 9/20/93
 /CONTACT: John E. Pluhowski, 713-831-1149, or Robert D. Mrlik, 713-831-1137, both of American General Investment Corporation/


CO: American General Investment Corporation ST: Texas IN: SU:

SM -- NY107 -- 3891 09/20/93 17:47 EDT
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Publication:PR Newswire
Date:Sep 20, 1993
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