Asurion Sues Amp'd Over Premium Payments

Law360, New York (July 5, 2007, 12:00 AM EDT) -- Asurion Insurance Services Inc. sued bankrupt telecom company Amp'd Mobile Inc. on Tuesday, alleging that Amp'd had failed to turn over insurance premiums it collected from customers to Asurion.

The two companies entered into an agreement in January 2006, under which Asurion would provide Amp'd customers with insurance. Amp'd itself would bill customers to collect insurance premiums, which it would then give to the insurance company every month.

However, Asurion said, Amp'd failed to pay any premiums from January through May of 2007. “As such, the...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.