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Federal court rules Axa in D&O dispute with AIG



A federal district court has ruled in favor of an Axa SA entity in a dispute over whether a U.S. International Group entity is required to contribute $ 1 million to a settlement under its coverage of board members and executives.

The complex disputes stem from a $ 215 million New York-based Prospect Capital Corp. loan to Pacific World Corp., a private Irvine company in California that supplied personal care and beauty products to stores and was acquired by Levine Leichtman Capital Partners Inc. 2009, according to the Tuesday judgment of the U.S. District Court in Los Angeles in XL Specialty Insurance Co. v. AIG Specialty Insurance Co.

This was AIG's failure to pay $ 1

million of excess debt from the Side A limit in addition to the full limit of a $ 10 million Board of Directors and Executive Insurance Policy it had issued to PWC.

In its decision in favor of XL, the Court stated: 'In balance, the factors for transferring the loss to the defendant weigh.

Lawyers in the case did not respond to a request for comment.


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