AIG To Pay $6M To Settle CDC Suit Over D&O Coverage

Law360, Los Angeles (January 22, 2014, 5:49 PM EST) -- AIG Europe Ltd. on Wednesday agreed to pay $6 million to settle allegations that it refused to honor an insurance policy held by CDC Corp. covering nearly $9 million in settlement and defense costs CDC incurred in a lawsuit against its top executives.

CDC’s liquidating trust brought an adversary suit against AIG in June, claiming it paid out $1.5 million defending a lawsuit accusing CDC officials of perpetrating a smear campaign against hedge fund Evolution Capital Management LLC, and another $7.4 million to settle the suit....
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