NU Online News Service, Aug. 25, 2:45 p.m. EDT
A U.S. Appeals Court vacated a $34.4 million judgment against American International Group filed by AXA, citing the French company's failure to file the suit in time under the statute of limitations.
The court noted that AXA executives should have seen a problem before signing the contract.
In the suit, AXA Versicherung AG v. American International Group Inc. (08-2521-cv), AXA sued AIG in 2005 over two reinsurance facilities, claiming AIG fraudulently induced AXA into believing it was taking only a portion of risk when in fact AIG was assigning all of the risk to the reinsurer.
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