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...
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.