STORY FROM: Reinsurance & Arbitration
$34.3M Award Against AIG Should Stand, N.Y. Judge Rules
May 1, 2008
NEW YORK - A New York federal judge has denied American International Group's motion to amend a $34.3 million judgment that was issued in February after a jury determined that AIG fraudulently induced a German reinsurer to participate in a loss-riddled reinsurance facility. AXA Versicherung AG v. New Hampshire Insurance Co., et al., No. 05-10180 (S.D. N.Y.).
In an April 22 order, Judge Jed S. Rakoff of the Southern District of New York ruled that the jury had "a sufficient evidentiary basis" for its determination that AIG "acted with a high degree of immorality and with such reckless dishonesty as ...