Genworth To Pay £525M To Settle AXA Fight Over PPI

Law360, London (July 21, 2020, 12:07 PM BST) -- Insurance giant Genworth Financial has agreed to pay rival AXA more than £524 million ($665 million) to end a High Court dispute over payment protection cover that was improperly sold by two of its former subsidiaries. 

Genworth and French rival AXA have reached a deal before the London court issues judgement on how much compensation the U.S.- based company should pay. (AP) The two insurers reached the deal before the London court issues its judgement on how much Genworth Financial Inc. should compensate AXA, a French company, for losses linked to the controversial financial insurance following a trial in June.

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