2nd Circ. Vacates $34M Fraud Judgment Against AIG

Law360, New York (August 23, 2010, 1:09 PM EDT) -- A federal appeals court on Monday vacated a $34 million judgment against American International Group Inc. in a suit brought by rival insurance giant AXA Versicherung AG over alleged fraud involving reinsurance contracts, finding that the claims were time-barred.

In doing so, the U.S. Court of Appeals for the Second Circuit affirmed a district court's determination that AXA's allegations sounded in fraud and thus were not arbitrable, but cleared the judgment after finding that AXA’s fraudulent inducement claims were barred by the statute of limitations....
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