Insurance Company Sued over Ferry Settlement by Former Hawks Ownership

Because of a breach of contract regarding the settlement of claims made by former general manager, Danny Ferry, the former ownership group of the NBA-the Atlanta Hawks Basketball and Entertainment LLC, has filed a lawsuit against the New Hampshire Insurance Company. AHBE-the former Hawks ownership group, included Bruce Levenson, a partner in the group and does not involve Tony Ressler, the current owner in the Hawks ownership group.

The lawsuit was filed in the Superior Court of Fulton County on September 13th against AIG, the insurance company. AHBE believed that they were covered under a policy for losses related to employment practices such as “wrongful termination,” and “workplace torts.” According to the court, AHBE had given notice to AIG on April 2, 2015 that Ferry asserted claims that were believed to be covered.

An undisclosed buyout agreement was reached between Ferry and Hawks and ended an eighteen million, six year contract. Ressler was approved the sale of the franchise two days afterward. http://www.forbes.com/sites/mikeozanian/2015/04/23/bankers-for-levenson-oversold-atlanta-hawks-by-27/.

The amount of the claim remains confidential and AIG has refused to acknowledge that a claim was ever made or that a policy had come about. AIG refused to participate in defense of said claim or to accept any coverage. The lawsuit is wanting an additional fifty percent penalty of the attorney’s fees and costs as well as unpaid loss. AIG didn’t have any reasonable basis to state that a claim hadn’t been made or that such a claim was not covered.

According to Time Magazine, Bruce Levenson is a successful journalist, entrepreneur and businessman. He has many interests including professional sports, cooking technology, and business intelligence and is co-founder of United Communications Group, DOT and the director of TechTarget. Levenson is also a pertner in GasBuddy, an owner of Atlanta Hawks LLC, and has been a philanthropist for over forty years.

Source: brucelevenson.com