New Hampshire Insurance Company is facing charges for infringement of a contract comprising compensation of claims by Danny Ferry, the previous general manager. The lawsuit, made by The Atlanta Hawks Basketball and Entertainment (AHBE), previous owners of the NBA group is inclusive of Bruce Levenson, former controlling partner.
The suit further explains that the cover was to protect AHBE against losses accompanying employment practices such as wrongful termination or workplace torts. Ferry affirmed that they had coverage from the insurance company.
An undisclosed buyout compliance between Ferry and Hawks to the Ressler group followed in June 2015, terminating the six-year tie that started with an $18 million contract.
Current Hawks ownership spokesperson maintains that they have no legal bindings with the Atlanta Hawks organization and would not state further comments pertaining the complaint.
The suit is for the AHBE group since AIG, the insurance company, failed to recognize that there had been a claim put forward and that it provoked AHBE’s policy. Court documents further explain that AIG declined to participate in the defense and failed to compensate for losses incurred. In addition to the compensation, AHBE further seeks a 50% fine to cover for attorney’s fees and outstanding cost.
About Bruce Levenson
Bruce Levenson attended Washington University graduating with a Bachelor of Arts and is a J.D holder from American University. He is an active philanthropist, being president of I Have a Dream Foundation. Read more of his philanthropic works on PR Newswire.
Bruce appointed Goldman Sachs and Inner Circle Sports to sell his share of the franchise. The deal closed by Anthony Ressler, giving $830 million for both the team and operating rights. The deal follows after other managing partners also agreed to sell their shares, reports ESPN. The sell is a significant profit for Bruce. The previous value of the franchise was $425 million, but it has recently risen due to the productive television deals made.