AXA On Hook For $42M Art Scheme, Investors' Atty Says

Law360, New York (January 8, 2013, 7:27 PM EST) -- An AXA SA subsidiary bears the burden of explaining what happened to $42 million worth of art lost in a massive gallery swindle, not the art investors who bought the AXA policy, the investors' attorney told a New York state appeals court Tuesday.

Kristi A. Davidson of Buchanan Ingersoll & Rooney PC, who represents an investor group known as Renaissance Art Investors LLC, said during a hearing that the investors had purchased an all-risks policy, which is more expensive because of its expansive nature, and that...
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