AXA Says It's Not Liable For Museum's Swindled Art

Law360, New York (March 10, 2010, 1:53 PM EST) -- A day after the Philadelphia Museum of Art sued AXA Art Insurance Corp. over losses stemming from the fraudulent sale of two paintings in a massive art swindle, the insurer has lodged its own complaint, seeking a declaratory judgment that it need not indemnify the museum.

AXA Group's art insurance unit filed suit Tuesday in the U.S. District Court for the Southern District of New York, seeking a declaration that the museum's claim for sale proceeds did not qualify as a loss under a $100 million...
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