AXA Beats NY Appeal Of $42M Art Swindle Coverage Win

Law360, New York (January 29, 2013, 5:14 PM EST) -- A New York appeals court on Tuesday sided with an AXA SA subsidiary in a long-running fight with a group of art investors, ruling out insurance coverage for a massive gallery swindle involving artwork worth $42 million.

The appeals court unanimously upheld a lower court decision saving AXA Art Insurance Corp. from covering losses that Renaissance Art Investors LLC suffered because of a scheme masterminded by Lawrence Salander of the now-defunct Salander-O'Reilly Galleries.

According to Tuesday's ruling, coverage is barred by an exclusion in RAI's policies...
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