(Bloomberg) ? Two Ohio pension funds will lead a class action lawsuit accusing AIG, the world's largest insurer, of defrauding investors before the company restated five years of profit by $3.9 million.

US District Judge John Sprizzo in New York picked the Ohio Public Employees Retirement System and the State Teachers Retirement System of Ohio. Together the funds' losses exceeded $150 million, according to Louis Gottlieb, one of their lawyers.

The funds were chosen as lead plaintiffs last month; their selection was entered into court records on August. 2.

As lead plaintiffs in the shareholder suit, the funds' lawyers will map strategy, draft legal papers, and run settlement talks.

Gottlieb, who declined to comment on the damages being sought, said the suit will focus on allegations of "bid rigging, payment of contingent commissions," and other wrongdoing by New York-based AIG.

An investigation by New York Attorney General Eliot Spitzer and US regulators triggered a $3.9 billion earnings restatement in May and led to the ouster of Maurice "Hank" Greenberg, who had been chief executive of the company for almost 40 years. AIG spokesman Joe Norton didn't immediately return a call seeking comment. Gottlieb said another judge previously appointed the Ohio funds as lead plaintiffs. The case was later transferred to Sprizzo, and a fund from San Francisco sought to take control, he said. Sprizzo's ruling affirms the earlier selection of the Ohio funds to lead the case, Gottlieb said.

A mutual fund which specialises in investing in utilities in emerging markets has been listed on the Bermuda Stock Exchange.

The BSX listing committee said up up to 75.1 million Utilco Emerging Markets Utilities Ltd. shares and up to 15 million warrants can be listed.

The warrants will be issued to the holder of five Utilco shares, and each warrant can be exercised on a one-for-one basis from July 31 next year through July 31, 2010.

Utilico was incorporated on June 9 as a closed-end fund, meaning the value of the shares is not necessarily tied to the fund's net asset value; the shares may not be continuously offered; and the shares may not be as easily redeemable as shares in a company. Utilico's ordinary shares and warrants are listed on the London Stock Exchange growth market, AIM, and have a secondary listing on the BSX. Both listings took effect on 20 July.

First Bermuda Group Limited sponsored the listing, which is under the listing regulations for Collective Investment Schemes.