Category: Insurance Company Breach

Bruce Levenson and Pals Sue AIG

Bruce Levenson and a consortium of his friends once owned the basketball team the Atlanta Hawks. During that time they hired Bryan Ferry to act as the coach of the team. They gave him a 6 year contract that entitled him to a total of $18 million in dollars in compensation over the years. The contract began in 2012 and was supposed to end in 2018. However, Bruce Levenson and his co-owners decided they wanted to sell the team and as a result, they regrettably had to let Bryan Ferry go for the deal the be valid. Bruce and friends fairly compensated Ferry for having to let him go and the sale went through. However, in the fallout, there was a problem with the insurance company that Bruce (see: had chosen to use to insure Bryan Ferry when he was employing him. The insurance company had an obligation to pay part of Ferry’s compensation package and they declined to help.
PR News reports that Bruce Levenson is taking AIG to court to recover the damages that he is owed. Bruce has filed a case in the Superior Court of Fulton Country that AIG acted in bad faith and that they breached the contract that obligated them to cover Bryan Ferry’s early release from his contract. AIG has actually refused to acknowledge the existence of the claim even though the insurance policy was clearly triggered by Ferry’s early release. AIG does not have any reason to not pay its part of the money. Bruce Levenson is going to court and asking a judge to award him and his friends the money owed as well as an additional penalty of 50% for negligence on AIG’s part as well as covering their attorney’s fees and costs. Let’s hope that Bruce wins and AIG gets what it deserves.

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