Business & Finance
Thu, January 20, 2011Wed, January 19, 2011Tue, January 18, 2011Mon, January 17, 2011Fri, January 14, 2011Thu, January 13, 2011Wed, January 12, 2011Tue, January 11, 2011Mon, January 10, 2011Sat, January 8, 2011Fri, January 7, 2011Thu, January 6, 2011ACE Insurance Litigation Watch Highlights Ticketmaster LLC Bad Faith Lawsuit Against ACE Insurance Group
Published in Business and Finance on Thursday, January 13th 2011 at 10:26 GMT by Market Wire
NEW YORK--([ BUSINESS WIRE ])--ACE Insurance Litigation Watch, the online repository for lawsuits against the ACE Ltd. insurance company (NYSE: ACE), today highlighted another bad faith lawsuit filed against the ACE Insurance Group. Ticketmaster LLC, the entertainment ticket retailer, has filed a lawsuit charging adespicablea conduct on the part of Illinois Union Insurance Co., an ACE Ltd. subsidiary, for its failure to honor the terms of an insurance policy and aid in Ticketmastera™s legal defense in a long running class-action lawsuit.
"Illinois Uniona™s conduct is despicable and has been done with a conscious disregard of Ticketmastera™s rights, constituting oppression, fraud, and/or malice."
The litigation against the ACE subsidiary relates back to Oct. 21, 2003, when three individuals brought a lawsuit against Ticketmaster in California state court. At the time, Ticketmaster had an Illinois Union policy in place that provided coverage for certain legal defense costs. To date, Ticketmaster says it has spent over $4 million defending itself. According to Ticketmaster LLCa™s subsequent lawsuit against Illinois Union Insurance Co., ACE has relied on artificial and unreasonably narrow policy interpretations in a bad faith effort to avoid its contractual obligation to aid in Ticketmastera™s defense.
Ticketmaster asserts in its lawsuit that, aIllinois Uniona™s conduct is despicable and has been done with a conscious disregard of Ticketmastera™s rights, constituting oppression, fraud, and/or malice.a The ACE Ltd. defendant has not yet filed an answer to the complaint. Ticketmaster is seeking to collect punitive damages from ACE, among other reliefs.
Ticketmaster LLCa™s lawsuit against Illinois Union in LA Superior Court was filed on December 3, 2010, claiming that the insurer breached the terms of a $10 million errors and omissions policy sold to Ticketmaster in 2003 for a premium of $630,000. The class-action lawsuit for which Ticketmaster seeks coverage, Schlesinger v. Ticketmaster, is also proceeding in LA Superior Court.
The Illinois Union Insurance Company is overseen by ACE Group executive Brian E. Dowd. ACE Ltd. (NYSE:ACE), which was recently added to the S&P 500 index, is the ultimate parent of companies in the ACE Insurance Group.
ACE Insurance Litigation Watch is currently tracking more than 166 cases in Federal courts alone. Many of those lawsuits assert claims of business malfeasance similar to the alleged tactics being employed on behalf of ACE Limited in regards to the Ticketmaster class-action lawsuit.
Visit [ www.ACEinsurancewatch.com ] for more information, including files related to this case. ACE Insurance Litigation Watch is not affiliated with the ACE Insurance Group in any way.
