Insurance companies often portray themselves as the ones who have our backs covered regarding uncertainty. This is the main point of their existence. However, they have been numerous cases where these companies fail to compensate their clients with courtroom battles more often than not being the ensuing result. The New Hampshire Insurance Company popularly known as AIG is the latest to be caught in this seemingly typical scenario.
The former owners of the NBA’s , AHBE are suing AIG for breach of contract and bad faith. AHBE claim to be insured against certain losses resulting from employment practices that included but were not limited to “workplace torts” as well as “wrongful contract termination.” Court documents at the Superior Court of Fulton County indicate that AIG had been notified by AHBE of these claims.
The settlement claims were made by Danny Ferry, the former AHBE general manager. However, the current Hawks administration led by Tony Ressler was not included in the filed lawsuit. Tony purchased the Hawks in mid-2015 from AHBE led by controlling partner Bruce Levenson for a fee reported by Forbes.com to be more than 730 million dollars. A spokesperson for the current management acknowledged that they were not part of the lawsuit and declined to say more concerning the matter.
Bruce Levenson has been part of other sports franchises in the past having previously owned the Atlanta Thrashers of the NHL. He is also the founding chairman of the UCG. He is also known for his philanthropic interests having served as president of the “I have a dream foundation.” See, http://www.prnewswire.com/news-releases/undergrads-and-graduate-students-mastering-philanthropy-300038081.html.
Court documents show the claims’ amount as confidential. According to James J. Leonard, an attorney at Barnes and Thornburg LLP, the complaint is one that speaks itself with the lawsuit seeking an extra penalty of 50% of the unpaid loss and the costs of the attorney.