AXA took to long to sue AIG over alleged reinsurance fraud
A US Second Circuit Court of Appeals judge has dismissed AXA’s $34.4m claim that AIG fraudulently introduced it to two energy reinsurance contracts saying AXA delay in claiming for five years was too long, Reuters reports.
AXA Versicherung AG sued AIG in December 2005, claiming that AIG units in 1997 and 1998 fraudulently induced a predecessor into entering the contracts.
The appeals court agreed with AIG that AXA had signed documents putting AIG on notice of a possible problem as early as August 1998, and no later than September 2000. It should have claimed within two years of discovering fraud.
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