2nd Circ. Remands $34M Fraud Verdict Against AIG

Law360, New York (October 7, 2009, 5:03 PM EDT) -- A federal appeals court has remanded a $34 million verdict against American International Group Inc. and its subsidiaries for fraud involving reinsurance contracts, saying a lower court must address AIG's assertion that it never waived its right to arbitration.

The U.S. Court of Appeals for the Second Circuit issued a summary order Tuesday sending the award in favor of AXA Versicherung AG back for reconsideration of the arbitration claim, as well as other issues.

In addition to AIG, the suit named New Hampshire Insurance Co., American...
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