AIG's $13M Battle May Bolster Insurers' Settlement Challenges
Law360 (August 20, 2019, 10:51 PM EDT) -- The Ninth Circuit recently sought the Arizona Supreme Court's help to decide whether an AIG unit was justified in its refusal to cover the University of Phoenix's $13 million settlement of a class action, and attorneys say a ruling in the insurance company's favor could give other carriers more leverage to challenge the reasonableness of policyholders' deals.
The long-running dispute revolves around 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 settlement...
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