AXA Can't Seek Punitive Damages Over $1.5B ING Sale

Law360, New York (May 9, 2013, 2:10 PM EDT) -- AXA SA can't pursue punitive damages or claims alleging ING Groep NV hid union-organizing activity at a Mexico-based insurer before ING sold it to AXA for $1.5 billion, a New York state appeals court ruled Thursday.

AXA Mediterranean Holdings SA had argued that it was entitled to seek punitive damages because AXA's 2008 stock purchase agreement for Mexico-based insurer Seguros ING SA de CV and bond unit ING Fianzas SA took into account New York state law's requirements for seeking such damages and allowed them in...
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