U. Of Phoenix's $13M Row With AIG Sent To Ariz. Justices
Law360 (August 15, 2019, 4:57 PM EDT) -- The Ninth Circuit asked the Arizona Supreme Court on Thursday for help determining whether an AIG insurer was justified when it refused to fund the University of Phoenix's $13 million settlement of a securities class action.
At the crux of the dispute is a key term in a directors and officers policy that AIG unit National Union Fire Insurance Co. of Pittsburgh, Pa. issued the for-profit university's parent, Apollo Education Group, providing that the insurer won't unreasonably withhold consent for a policyholder's settlement. While an Arizona federal judge held in 2017 that National Union had reasonably refused to consent to Apollo's...
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