AIG Insurer Off Hook For Gallery's $3M Fraud Suit Outlay

Law360, New York (November 20, 2013, 7:40 PM EST) -- A Michigan judge on Wednesday ruled an American International Group Inc. insurer owed no coverage to an art auctioneering company that spent $2.9 million escaping multidistrict consumer fraud litigation over allegedly deceitful sales on cruise ships, saying the underlying claims predate the policy.

Senior U.S. District Judge Arthur J. Tarnow determined that putative class claims in a pair of suits alleging art gallery Park West Galleries Inc. and its affiliates brazenly sold overvalued or fake pieces were “related to” the claims of the suits' named plaintiffs,...
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