A lawsuit was filed with an insurance company over a settlement. The insurance company that had to face the lawsuit was AIG. The lawsuit that was filed is a civil action against the company for breaching the contract it had with the former Atlanta Hawks ownership group. Among the reasons for the lawsuit is the breach of contract and the bad faith behavior on the part of the insurance. The former ownership group of the the Atlanta Hawks was known as AHBE. AHBE is filing under the claim that the coverage contract included losses related to practices done during employment. These actions included among others “Workplace Torts” and Termination that is wrong.
The former group that owned the Atlanta Hawks included Bruce Levenson. One thing that could be said for Bruce Levenson is that he does show a lot of business smarts. One thing that he has shown was the ability to sell the team at the highest price possible. Under his ownership, the Atlanta Hawks has risen in value. As a result, people have been willing to buy out the team whenever the chance came. When he was selling the team, he was shooting for $1 billion. While the highest bidder didn’t go quite up to $1 billion, they did hit pretty close to the mark. However as ESPN reports, Bruce Levenson has another battle fight with the insurance group.
From what it looks like, AIG is going to have to pay for the lawsuit because experts are stating that AIG has not honored its end of the bargain. One person by the name of James J. Leonard has stated that the complaint speaks for itself. This is pretty much the only thin he has to say on the matter. As of this Time for AIG, they have not made a comment on the matter. To go along with the payments, the lawsuit is also seeking money for fees and losses that have not been paid back.