The Atlanta Hawks Basketball and Entertainment Company, the former NBA franchise ownership group, has filed litigation against the New Hampshire Assurance Company for the contract breach which involved the claims for settlement made by the previous management team led by Danny Ferry.
The former ownership group of the Hawks (AHBE) had the inclusion of the UCG founder and controlling partner Bruce Levenson. The litigation did not have any addition of the current management of the company which is under the leadership of Tony Ressler.
The lawsuit filed in the Fulton County Superior Court in September against New Hampshire Assurance Company. AHBE has a claim that the insurance company had them covered for any loss related to the wrongful termination of work, workplace torts, and employment practices. According to the documents presented in court, the company gave notice to the insurance form in 2015 about the covered claims for recompense.
Hawks and Ferry ownership reached a buyout agreement in closed doors with the insurance company in 2015. The six-year relationship ended with a closed sum of $18 million in 2012. The sale of the franchise was approved two days after the events were presented in court. The Ressler-led group was to purchase the team while the process in court continued.
According to Time’s report on the current ownership of Hawks, the litigation has nothing to do with the new management. For this reason, they are aware of the litigation. The parties involved in the litigation are former managers of the company. Therefore, they do not have any further comment on the matter.
According to the documents presented at the court, the settlement amount is confidential. The litigation states that the liability limits provides a confidential statement that the court can access. In the lawsuit, they state that the insurance company has refused to compensate them for the agreed settlement stated in the insurance policy that covers the company.