In September 2016, Atlanta Hawks Basketball and Entertainment Company (AHBE) sued New Hampshire Insurance Company described as AIG for breach of contract. The lawsuit was filed by the former ownership of the NBA firm led Tony Ressler and Bruce Levenson and didn’t involve the current group. The Tony Ressler led group has accused the insurance company of breaching a settlement contract.
Details of the Lawsuit
The former AHBE team was insured under a coverage policy that didn’t exclude wrongful termination and workplace torts. The lawsuit was filed in the Superior Court of Fulton County against AIG for a breach of contract and insurance bad faith. This came after Ferry and AHBE agreed on an undisclosed buyout that ended their six-year $18 million deal that began in 2012. According to the lawsuit, the claims fell within the policy coverage, and AIG failed to pay the covered losses.
According to the court, the amount is confidential, and the claims are sufficient to absorb and carry on with the AHBE claims. AIG failed to acknowledge that the complaint has been made and policy triggered. Moreover, AIG refused to accept the coverage or participate in the defense of the claim. According to the AHBE legal team, the complaint is clear and details out everything. Aside from compensation of the losses, AHBE also wants an additional 50% penalty for the unpaid losses and complete coverage of all costs including attorneys’ fee.
About Bruce Levenson
Bruce Levenson is a renowned businessman and philanthropist, http://www.prnewswire.com/news-releases/undergrads-and-graduate-students-mastering-philanthropy-300038081.html. He is the Co-founder and partner at United Communications Group, an organization that he co founded in 1977. He is also the former partner of Atlanta Hawks Basketball and Entertainment Company. Bruce is also the owner of Atlanta Spirit.
Bruce holds a bachelor’s degree from the Washington University and a J.D from the American University. His experience of over 40 years has earned him opportunities to serve on various boards including Newsletter, Electronic Publishers Association, and I have a Dream Foundation.