Federal courtroom decides for Axa within the D&O dispute with AIG – Enterprise Insurance
A federal district court has ruled in favor of a unit of Axa SA in a dispute over whether a unit of the American International Group is required to contribute $ 1 million to a settlement under its directors and officers liability insurance.
The complex litigation involves a loan from New York's Prospect Capital Corp. over 215 million Inc. in 2009, according to Tuesday's judgment in the US District Court in Los Angeles in the XL Specialty Insurance Co. vs. AIG Specialty Insurance Co.
It was about AIG's failure to pay $ 1 million of a Side A liability limit on top of the full $ 10 million policy for directors and officers issued by PWC.
In its decision in favor of XL, the court said: "All in all, the factors speak in favor of shifting the loss to the defendant."
The lawyers on the case did not respond to requests for comment.