A breach of contract lawsuit has been filed by the former Atlanta Hawks ownership group, The Atlanta Hawks Basketball and Entertainment LLC (AHBE) and controlling partner Bruce Levenson, against AIG and it’s subsidiary New Hampshire Insurance Company.
Filed in the Superior Court of Fulton County on Sept. 13, the lawsuit claims a breach of contract had occurred and that it was covered under a policy covering particular losses relating to wrongful termination.
Previous court documents showed the AHBE filed on April 2,2015 giving notice to AIG about the claims made by former general manager Danny Ferry were covered by the policy. Danny Ferry had been let go by the former Hawks ownership group and a buyout was reached on June 22,2015. Two days later, approval of the sale of ownership of the franchise was approved to the ownership group led by Tony Ressler. See, http://www.forbes.com/sites/mikeozanian/2015/04/23/bankers-for-levenson-oversold-atlanta-hawks-by-27/.
The new ownership group declined to comment on the lawsuit stating “The principal parties involved no longer have ties to the Atlanta Hawks Organization”.
The lawsuit also states that according to AIG the policy was never triggered and that a claim was never made. This failure to pay for the coverage in the settlement is the breach of contract mentioned in the lawsuit.
Despite his recent sale of ownership, Bruce Levenson is still active in multiple philanthropic endeavors like the Community Foundation of Washington D.C. and the Hoops Dreams Foundation. He also previously served as president of the Washington chapter of I Have A Dream Foundation and a founding donor of the U.S. Holocaust Museum. Bruce Levenson co-founded United Communications Group with Ed Peskowitz in 1977 and was a founding member and served on the Board of Directors of Tech Target until 2012.