According to an AJC.com article on September 14, 2016, the Atlanta Hawks Basketball and Entertainment LLC, file a lawsuit against AIG, a New Hampshire Insurance Company for breach of contract. This lawsuit was placed against the insurance company by former ownership group (AHBE), including Bruce Levenson, the controlling partner at the time.
So, what is breach of contract? A breach of contract is a binding agreement in which the agreement in which the parties have agreed too, are not honored. The lawsuit claims that the Insurance Company did not honor
This AHBE group brought the civil action lawsuit on September 13, stating that they were insured by the insurance company for certain losses that were related to employment practices, which included such acts as “Wrongful Termination” and “Workplace Torts”. On April 2, 2015 claims were submitted by Danny Ferry, the former general manager of the Atlanta Hawks, for issues that was believed to be covered by the insurance contract. AIG is refusing payment.
AHBE group and Forbes billionaire Bruce Levenson are asking AIG for compensation for the initial loss, 50% additional payment beyond the initial loss, and payment of their attorney’s costs and fees.
Since this claim was brought forth by the former owners of the Atlanta Hawks, the current owners would make no comment on the matter.
Bruce Levenson is a philanthropist, businessman and former controlling partner of the Atlanta Hawks Basketball and Entertainment LLC. As a philanthropist he was the founding donor of the United States Holocaust Memorial Museum in Washington DC, as well as, funding other various causes for the Jewish community.
In a report by benzinga.com, since conception he has been a supporter for the Seed Foundation, a boarding school program for disadvantaged students in the DC, Maryland and Miami area.