AIG Insurance Company Is Called Into Court By The Former Owners Of The Atlanta Hawks For Breach Of Contract

AIG is one of the most powerful insurance companies in the world. The company has 88 million customers in 130 countries, and one of those high-profile customers is taking AIG to court. That customer is the Atlanta Hawks Basketball and Entertainment Group controlled by philanthropist Bruce Levenson. AIG is a formidable foe. The government bailed AIG out in 2008 to the tune of $180 billion, and the Feds took control of the company. But all of that has gone away, and the massive insurance company is back serving 98 percent of the Fortune 500 companies. The Atlanta Hawks Basketball and Entertainment Group say the insurance policy the group had with an AIG insurance company was breached when the team was sold to Tony Ressler in 2015. Bruce Levenson doesn’t like to lose, especially when millions of dollars are at stake.

According to Forbes, the lawsuit involves a policy that covered general manager Danny Ferry. Bruce Levenson hired Ferry in 2012 as GM and President of Operations. The Ferry contract was a $18 million, six-year deal, and Levenson had an insurance policy that covered any termination issues or workplace torts. Evidently, AIG refused to pay when Ferry was terminated by the sale of the team. Levenson wants the insurance company to pay the balance of Ferry’s contract plus a 50 percent penalty as well as court and legal expenses.

Levenson is well-known for his philanthropic endeavors. Bruce donates millions of dollars to several organizations. The University of Maryland is one, and the Holocaust Museum is another. But Levenson also donates to several other Jewish causes. Bruce can afford to spread his money around. At last count, Levenson was worth more than $500 million. Bruce made most of that money in the IT industry, but he also made a fortune in the news industry as well. Levenson is a co-founder of the United Communication Group.