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A federal district court has ruled in favor of an Axa SA unit in a dispute over whether an American International Group unit is obligated to contribute $1 million to a settlement under its directors and officers liability coverage.
The complex litigation stems from a $215 million loan New York-based Prospect Capital Corp. made to Pacific World Corp., a private Irvine, California-based company that supplied personal care and beauty products to retail stores and was acquired by Levine Leichtman Capital Partners Inc. in 2009, according to Tuesday’s ruling by the U.S. District Court in Los Angeles in XL Specialty Insurance Co. v. AIG Specialty Insurance Co.
At issue was AIG’s failure to pay $1 million of a Side A excess liability limit in addition to the full limit of a $10 million directors and officers insurance policy it had issued to PWC.
In ruling in XL’s favor, the court said, “On balance, the factors weigh in favor of shifting the loss to Defendant.”
Attorneys in the case did not respond to requests for comment.