AHBE filed a lawsuit against a New Hampshire Insurance Firm believed to be AIG over Ferry settlement. Atlanta Hawks Basketball and Entertainment owned by Bruce Levenson is the former ownership group of the Hawks NBA franchise.
On September 13, AHBE filed the lawsuit against the insurance company at the Superior Court in Fulton County. AHBE claims the insurance contract covered losses related to employment practices such as wrongful termination and workplace torts among others. The court documents reveal that AHBE notified AIG on 2 April 2015 that claims had been asserted by Ferry.
AHBE and Ferry reached a buyout agreement on 22 June 2015 ending the six-year relationship worth $18 million. According to Forbes, this undisclosed buyout led to the approval of the sale to the current owner of the Hawks Ressler two days later. A spokesperson of the current Hawk’s ownership went on record to distance themselves from the ongoing court cases claiming the disagreeing parties have no affiliation with the Atlanta Hawks.
The lawsuit filed by AHBE states that AIG failed to acknowledge that a claim was made by AHBE while also failing to recognize that the policy had been triggered. The lawsuit further said that AIG refused to defend the claims or accept coverage during discussions between the former Hawk’s group and Ferry’s counsel; a breach of the insurance policy for failure to cover the losses in the settlement.
Mr. Bruce Levenson is an entrepreneur and a philanthropist. He is a former co-owner of the Atlanta Hawks, a professional basketball franchise where he also served as the governor on the NBA board of governors.
Mr. Levenson is a co-founder of United Communications Group, which is an information company that deals with many industries including data, energy, mortgage banking, etc. He is also a founding board member for TechTarget, an IT media company.