The former ownership for Atlanta’s NBA team has filed a suit against their insurance company amid allegations that the company, AIG, failed to provide funds upon policy activation. The suit claims AIG breached an agreed upon contract involving coverage in the case of “Wrongful Termination” and “Workplace Torts” both which were called into action stemming from an incident involving then general manager Danny Ferry.
The Atlanta Hawks Basketball and Entertainment LLC asserts that Ferry’s termination and resulting contract buy out are covered under their contract while AIG has failed to acknowledge that the incident is covered nor if the policy has even been activated.
The lawsuit states “Despite an obligation to pay and the acknowledgment that certain of Mr. Ferry’s claims triggered the AIG Policy, as well as the fact that these claims clearly fell within the policy coverage, AIG has failed and refused to pay the covered loss without significant justification and in bad faith.”
AIG has refused to comment on the matter.
Named party to the suit UCG founder Bruce Levenson was one-time owner of the Atlanta Hawks who has now gone on to support philanthropy causes since the selling of the basketball team.
In addition to serving as president for the I Have a Dream Foundation, a foundation serving lower income children in their pursuit for higher education, Forbes listed billionaire Bruce Levenson has extensively donated to the U.S. Holocaust Museum.