AXA To Pay FIFA For Cancelled World Cup
NU Online News Service, Jan. 2, 11:55 a.m. EST?A German court has ruled that French insurer AXA's cancellation of its 2002 World Cup policy was unlawful and has ordered the company to pay compensation to F?d?ration Internationale de Football Association, world soccer's governing body.[@@]
In a statement, FIFA explained that it began its legal action against AXA after the Paris, France-based insurance giant terminated its $1.12 billion policy for the World Cup in South Korea and Japan following the Sept. 11, 2001 terror attacks.
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