Insurance Giant Sued by Former Owners of NBA Team

The previous owners of a professional basketball franchise have taken legal action against an insurance company with regard to a settlement of claims made by the team’s former general manager. Filed last September, the lawsuit centers around Danny Ferry, who once headed the front office of the Atlanta Hawks.

Filed in Georgia, the litigation is directed against the New Hampshire-based AIG company and involves “breach of contract” and “bad faith” issues. The amount of the claim remains confidential, with AIG having yet to acknowledge that a claim was even made. The lawsuit was initiated by Atlanta Hawks Basketball and Entertainment (AHBE), which had owned the team until 2015.

AHBE was supposedly insured by AIG for losses related to such issues as wrongful termination. Ferry and the Hawks ended their relationship in an agreement reached in 2015, reports Forbes.com. However, AIG reportedly refused to cover the losses related to the dispute between Ferry and AHBE. The current owners of the team had no comment on the lawsuit.

One of the owners of AHBE during the Ferry’s tenure was businessman Bruce Levenson, who had announced his plans to end his partnership with the team in 2014. Levenson is known for helping to establish the United Communications Group, a media conglomerate, in 1977.

Born in the nation’s capital, Levenson would later receive his law degree from American University, also in Washington.

https://www.benzinga.com/news/17/03/9165680/university-of-marylands-non-profit-initiative-is-changing-higher-education

One Reply to “Insurance Giant Sued by Former Owners of NBA Team”

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