AIG Need Not Cover Developer's $14M Blunder, 9th Circ. Says

Law360, New York (June 18, 2013, 7:17 PM EDT) -- The Ninth Circuit on Tuesday freed an American International Group Inc. excess insurer from covering the bulk of a $14 million arbitration award against a real estate developer over botched construction of a bar in downtown Los Angeles.

The appeals court upheld a ruling that The Insurance Co. of the State of Pennsylvania did not breach a contract by refusing to cover the award against real estate developer Barry Shy and his company Manhattan Loft LLC.

It found that ICSOP was not obligated to chip in...
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