Judge Trims Suit Over AXA's $1.5B Purchase Of ING Unit

Law360, New York (February 23, 2012, 4:50 PM EST) -- A New York state judge on Wednesday pared an AXA SA unit's suit alleging an ING Groep NV subsidiary misled it into buying a Mexico-based insurer in a $1.5 billion stock purchase agreement through financial misrepresentations and obscuring union-organizing activity.

New York Supreme Court Judge Eileen Bransten tossed out AXA's demand for punitive damages and allegations that ING Insurance International BV didn't tell AXA about labor-organizing activities at Seguros ING SA de CV.

However, AXA's claims over possible tax liabilities and financial misrepresentations will live on,...
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