3 Mar

Ferry Settlement Contract Breach that forced EX- Atlanta Hawks Owners Sue the Insurance Company

Atlanta Hawks Basketball and Entertainment LLC team formerly owned the NBA franchise. They sued New Hampshire Insurance Company for claims that they did not honor their contract terms on settling claims that Denny Ferry, the General Manager had made. The new development is likely to affect the relations between the two companies.

The group, AHBE, worked under Bruce Levenson. This case, however, has nothing to do with the current owners of Hawks, managed by Ressler Tony. The case is a breach of contract since the insurance company acted in bad faith. According to AHBE, Hawks was insured for loss coverage pertaining to described employment practices, such as unlawful termination and workplace torts among others. These owners had issued the insurance company with a documented notice to prove the breach.

The owners of Hawks and Ferry closed a business deal on 22nd June 2015 and marked the end of an 18 million dollar contract relationship signed three years earlier. Hawks’ ownership spokesperson reported that they were aware of the complaint adding that the participants no longer had ties with Atlanta Hawks.

The court documents had a high level of confidentiality and the amount of the claim had to remain undisclosed. AHBE’s claim at that Time had sufficient confidential liability limits according to the policy. According to the lawsuit, the insurance company did not acknowledge the claim. The insurance company, AIG, also did not accept coverage of the said liabilities when Ferry and Hawk’s owners had a counsel. Therefore, failing to pay the covered losses led to the lawsuit.

Bruce Levenson is an American-based entrepreneur and philanthropist who co-founded the Atlanta Hawks LLC. Bruce Levenson has been on the NBA board of Governors since 2004.

Source: https://en.wikipedia.org/wiki/Bruce_Levenson

 

 

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