Former Atlanta Hawks owner and UCG founder Bruce Levenson has filed a lawsuit against insurance company AIG. The lawsuit involves terms that were said to be in place concerning the contract of General Manager Danny Ferry. It was in June of 2015 when the contract of Ferry was bought out. The firing came in the third year of a six year deal that Ferry signed in 2012. That contract was worth $18 million.
Levenson and the now defunct Atlanta Hawks Basketball and Entertainment, LLC believed that an insurance policy they had with AIG would help cover some of the costs of the buyout agreement. AIG though is in disagreement.
AIG, also known as the New Hampshire Insurance Company, has not given any official and public comments concerning the lawsuit brought on by Levenson. James J. Leonard, a lawyer with Barnes & Thornburg, LLC, is the one in charge of representing Levenson and his ownership group and strongly believe that the lawsuit brought on by Levenson strongly has its own merit.
In a report by Forbes, ‘Despite an obligation to pay and the acknowledgement that certain parts of Mr. Ferry’s claims were triggered by the AIG policy and that the claims clearly fell within the policy coverage, AIG has failed and refused to pay the covered loss without significant justification and in bad faith. AIG had no reasonable basis to contend that a claim had not been made and that such claim was not covered. The lawsuit basically speaks for itself’ said Leonard.