AIG Unit Must Cover AlixPartners' $19M Costs, Judge Says
Law360, Los Angeles (March 9, 2017, 4:12 PM EST) -- A Michigan state judge has ruled that an AIG unit cannot recover $19 million in defense and settlement costs it paid on consulting firm AlixPartners LLP's behalf in connection with a private equity firm's arbitration claim regarding the acquisition of a model railway maker, finding that AlixPartners properly reported the claim to the insurer.
In a March 3 decision, Judge Wendy Potts granted AlixPartners' motion for summary disposition on AIG unit Illinois National Insurance Co.'s suit, determining that the consulting firm notified the insurer of the underlying claim lodged by Kingsbridge Capital Management GP Ltd. within the relevant policy period. ...
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