STORY FROM: Reinsurance & Arbitration
$34.3 Million Action Remanded for Consideration of Arbitration Issue
October 12, 2009
NEW YORK - The 2nd Circuit U.S. Court of Appeals has remanded a $34.3 million action to a federal district court for a determination of whether misrepresentation and conspiracy claims brought against American International Group sound in contract and therefore should be arbitrated. Axa Versicherung AG v. New Hampshire Insurance Co., et al., No. 08-2521 (2nd Cir.).
In an Oct. 6 opinion, the appellate court determined that it was unclear whether the lower court properly addressed AIG's argument that the claims brought by AXA Versicherung AG do not involve a breach of contract.
In 1996, AXA's predecessor, Albingia Versicherungs AG, ...